Retail property firm Stockland has confirmed its managing director, Matthew Quinn, will step down from the role after more than 11 years leading the company.
The announcement, made today by Stockland chairman Graham Bradley, will see Quinn retire as managing director by February 2013.
In the interim, Stockland's board will undertake a comprehensive internal and external search to select the company's next managing director.
Commenting on the resignation, Bradley said Quinn had been instrumental to the company's growth.
“As only our third managing director in 60 years, Matthew has made a transforming contribution to the company. The doard appreciates his enormous commitment over the past 11 years during which time Stockland has grown from $1.7 billion in assets in 2000 to $12.7 billion today,” he said.
“While Stockland’s performance in recent years has been impacted by extremely challenging market conditions, under Matthew’s leadership Stockland has grown to be a market leader in its core businesses, with a strong balance sheet.
“The board is confident Stockland is in good shape to remain resilient in the current challenging environment and grow returns as conditions improve. Matthew and the executive team have the full support of the board as we undertake the succession process.”