Shake-up at building giant Mirvac with CEO, chairman to exit

Mirvac’s head of integrated investment portfolio, Campbell Hanan, has been tipped as a potential inside candidate to take the CEO reins. He joined the company in 2016 as the head of commercial property.

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Another senior executive, chief investment officer Brett Draffen, will leave the company by the end of the year.

Mirvac is looking internally and externally for a replacement, a spokeswoman said.

Lloyd-Hurwitz said she only recently initiated a discussion with Mulcahy about her intention to retire, but the timing allowed a long window for a smooth transition and continuity.

The dynamic outgoing CEO, one of the first women to steer a large Australian-listed real estate trust, has ridden a tumultuous property cycle over the course of her career spanning the global financial crisis, a boom in apartments and residential housing estates and, more recently, a sudden contraction in activity from the pandemic.

“It was not an easy decision, however it is the right time to hand over to the next leaders of Mirvac to guide the group through its next phase,” Lloyd-Hurwitz said.

“It has been rewarding and humbling to lead Mirvac for the past 10 years. There is so much for us to be proud of in the legacy Mirvac is continuing to build – having a positive impact on our urban environments, driving towards ever-increasing sustainability, providing a workplace where all people can belong and thrive, and delivering returns for our stakeholders.”

Lloyd-Hurwitz’s departure follows another property-related resignation, with the Property Council of Australia head Ken Morrison saying on Monday he will leave the organisation in December after eight years in the role.

Mirvac, a 50-year-old company, made an early plunge in the burgeoning build-to-rent sector and has more than $1 billion build-to-rent projects under construction and development, including LIV Albert Fields in Melbourne.

The group is the country’s largest medium to high-density residential developer and this year stitched up a deal to take on the management rights of the AMP Capital wholesale office fund and boost its funds under management to $10.2 billion.

Its shares were trading down 2.19 per cent by mid-afternoon at $1.92. Over the course of the previous year, the company has traded down from a peak of around $3.

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