Mirvac's Nick Collishaw surprise departure hands reins to Susan Lloyd-Hurwitz
Nick Collishaw is to step down as Mirvac's chief executive and managing director to be replaced by Susan Lloyd-Hurwitz, now the London-based managing director of LaSalle Investment Management Europe.
The company announced this morning that Collishaw will leave Mirvac on October 31, and Lloyd-Hurwitz will take on the chief executive role of the business before the end of the year.
"The board has been focused on succession planning for some time," Mirvac chairman James MacKenzie says.
"Having now identified an outstanding candidate in Susan Lloyd-Hurwitz, Nick Collishaw and the board agreed that it was time to commence an orderly transition,” he says.
With 23 years' experience across four continents, Lloyd-Hurwitz has previously held senior executive roles at Macquarie Group and Lend Lease.
Collishaw joined Mirvac in 2005 after its merger with the James Fielding Group and was appointed managing director in 2008.
MacKenzie says Collishaw will receive his contractual entitlements on his departure, and thanked him for his leadership of Mirvac Group over the past four years.“As chief executive, Nick has introduced a renewed conservatism to Mirvac’s business model and capital structure consistent with the underlying business and funding environment,” he says.
“He has simplified the business, positioning it for earnings growth in the years ahead. The company’s sound strategy and strong financial position are testament to Nick’s leadership.
“Nick has delivered on the group’s objectives and also established a clear strategy for Mirvac focused squarely on the group’s core activities.
"The work that Nick has led to build Mirvac’s capacity and preparedness to partner with wholesale investors will be central to our strategy going forward.
“This has been an important chapter for Mirvac, but over the next few years the group has a different set of challenges.
"The board is keen to accelerate cultural change in the business, and wants to place even greater focus on the group’s communication with stakeholders," MacKenzie says.
MacKenzie will lead the company in the period between Collishaw’s departure and Lloyd-Hurwitz’s arrival.
Matthew Quinn was the other listed property company chief to recently announce his departure.
