Only two weeks after Mirvac (ASX: MGR) announced Susan Lloyd-Hurwitz would be stepping down from the top job, the developer has looked within its own ranks to appoint Campbell Hanan as the next CEO and managing director.
Before joining Mirvac in 2016, where he is currently serving as the head of integrated investment portfolio, Hanan was the CEO of Investa Office for three years. In total, he has 29 years of experience in the property and funds management industry.
Hanan will take up his new role, which will pay him a fixed remuneration of $1.5 million from March 2023, roughly three months before Lloyd-Hurwitz is slated to leave Mirvac entirety.
“I am truly humbled and excited to be given the opportunity to lead Mirvac. Sue is handing over the business in a strong position with a clear strategy, a portfolio of leading assets and a high-performing culture,” Hanan said.
“I am committed to working with the board, the executive leadership team and the outstanding team we have at Mirvac to deliver on our urban asset creation and curation strategy and continue our leading approach to sustainability, innovation, gender equity and our high-performing culture.”
“We have an incredibly exciting future ahead of us.”
Hanan’s appointment comes a few days after MGR revealed residential sales more than halved in the September quarter compared to a year prior due to increased borrowing costs quashing the appetite of new buyers.
The developer noted it sold roughly 40 per cent of apartments in Isle Waterfront Newstead, which is the first of six projects Mirvac plans to roll out in FY23.
The group settled 354 residential lots, representing a year-on-year dip of 35 per cent. While lot sales also fell from 902 to 415, the company's pre-sale balance grew by 30 per cent to $1.7 billion. The company said it is maintaining its yearly lot settlement guidance of 2,500 per year despite wet weather impacting project delivery timeframes.
Mirvac currently has more than $1 billion build-to-rent (BTR) developments under construction, with completion of 490 apartments at LIV Munro, Melbourne expected next month. The company also noted construction has progressed at LIV Anura, Brisbane (396 apartments) and that construction costs have been largely secured for a 474-apartment project at LIV Aston, Melbourne.
On completion, the BTR network will have 2,173 apartments across the current pipeline.
Mirvac chair John Mulcahy, who is departing from the company come 1 January, said the group is delighted to appoint Campbell as the next CEO of Mirvac.
“During Campbell’s time at Mirvac he has made a significant contribution to our company, and he has been instrumental in contributing to our urban strategy and transforming our investment portfolio into a modern, sustainable, technology-rich offering that continues to be an important differentiator for Mirvac.
“I would again like to thank Sue for her remarkable leadership over the past decade and I’m looking forward to seeing the next generation of leaders take this great company forward.”
Lloyd-Hurwitz said that for both John and her to hand over their roles to internal successors was a testament to the talent within the group, and was a culmination of careful succession planning.
“For 50 years, this company has had an unrelenting commitment to quality, and we have not deviated from the high standard of excellence set by our founders,” Lloyd-Hurwitz said.
“What also sets us apart is our high-performing culture, as well as our commitment to sustainability and innovation, and I’m confident that Rob, Campbell and the executive leadership team will build on these commitments and drive Mirvac’s success into the future.”
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