First Tony Randello left to become the CEO of Aveo – now Lendlease has seen another one of its senior executives’ head to its rivals with Chief Financial Officer (CFO) Tarun Gupta departing after 26 years with the company to take over from Stockland’s retiring Managing Director, Mark Steinert.
Mr Gupta will take up his role on 1 June 2021, with Mr Steinert to stay in place until then, Stockland told the market.
As we reported here, Mr Steinert announced his resignation in June after seven years leading Australia’s largest residential developer.
Stockland chairman Tom Pockett said the board was delighted to welcome Mr Gupta.
“Our rigorous internal and external executive search process gave us a field of very high-quality candidates. Ultimately the board made the decision based on Tarun’s breadth of experience across the property sector including in relation to communities development, retirement living, commercial property and investment management,” he said.
Mr Gupta has been Lendlease’s CFO since May 2016 and was previously the chief executive of its Australian property business.
He will receive an annual fixed salary of $1.5 million, plus a number of incentives.
Lendlease’s Deputy Chief Financial Officer Frank Krile will step into as CFO while Lendlease conduct a search for a new candidate.