Nov. 29 (Bloomberg) -- Stockland, Australia’s biggest listed housing developer, named Mark Steinert its chief executive officer and managing director, replacing Matthew Quinn.
Steinert, UBS AG’s former global head of equity research, returns to Sydney after a seven-year stint in New York with the Swiss bank. He will take over as head of Stockland on Jan. 14, the Sydney-based company said in a statement to the Australian stock exchange.
“Mark has a track record of successfully managing large business operations, an extensive background in the property sector and a strong reputation among property investors,” Stockland Chairman Graham Bradley said in the statement. “It was the board’s unanimous decision that Mark has the best mix of skills and attributes to take Stockland forward.”
Quinn, who led Stockland for 12 years, has been overseeing the sale of the company’s office and industrial properties and shifting its focus to its retirement, residential and retail property businesses. The new chief executive won’t be bound to Quinn’s strategy, Bradley said in July.
Stockland shares added 1.5 percent to A$3.43 at the close of trading in Sydney. That compares with A$3.56 in mid-October of 2000 when Quinn took over as managing director. They’ve climbed 7.5 percent this year, compared with a 10 percent gain in the benchmark S&P/ASX 200 index.
Steinert served as managing director, global head of real estate research and co-head of Australia and New Zealand real estate at UBS until 2004, and as head of Australasian equities from then to October 2005 when he relocated to New York. He became UBS’s head of product development and management for global asset management this year, Stockland said.
Quinn will remain in his role until Jan. 11 and provide support for the transition for a further three months, according to the statement.
To contact the reporter on this story: Nichola Saminather in Sydney at email@example.com
To contact the editor responsible for this story: Andreea Papuc at firstname.lastname@example.org