Shopping centre owner Stockland has appointed Tarun Gupta as its next chief executive officer and managing director to succeed Mark Steinart, who has been the company’s CEO and managing director since 2013.

Gupta, who held several senior roles in his 26 years at Lendlease and most recently as the company’s chief financial officer, will take on the role on June 1, 2021.

“Our rigorous internal and external executive search process gave us a field of very high quality candidates,” said Stockland chair Tom Pockett. “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.”

Pockett said Steinart will continue to serve as the group’s CEO and managing director until Gupta gets on board.

“Mark has made a great contribution to Stockland and will continue to apply his passion and commitment to the delivery of our strategic priorities and our purpose of a better way to live during this transition period,” he said.

According to Pockett, Steinart had overseen for the past seven and a half years the development of the company, reshaped and expanded their workplace and logistics portfolio and significantly repositioned their town centre business.

He added that Steinart had fostered a strong executive team, made significant advances in building innovation and digital capabilities and solidified Stockland’s position as a diverse employer of choice and global leader in sustainability.

The outgoing Lendlease CFO will be succeeded by Frank Krile, Lendlease’s deputy CFO, who will take on the position as chief financial officer on an interim basis while an internal and external candidate search is conducted.

“Gupta has made an outstanding contribution to Lendlease during his 26-year tenure with the Group,” said Steve McCann, Lendlease Group CEO and MD. “I’d like to personally thank him for his long-term commitment to Lendlease, our people, clients and security holders. Lendlease is proud of its continuing track record of developing top talent.”

Gupta, who started working at Lendlease as a graduate, said he was grateful for the opportunities the company provided him over the years. 

“I leave my current role with great respect for the team I have worked with and I am excited by the significant opportunities ahead with Stockland,” Gupta said. “I am privileged to lead Stockland in continuing to enhance outcomes for its customers, employees, securityholders and the community. It is an honour to be appointed to an organisation that has been building communities across Australia for over 65 years.”