Property group Stockland has appointed a funds manger with UBS, Mark Steinert, as its new chief executive.
Mr Steinert will replace outgoing chief executive Matthew Quinn, who has been in the role for 12 years, on January 14.
Mr Quinn announced his intention to retire earlier in 2012. Mr Steinert has been with UBS sine 1994, where he began as the global head of real estate research and co-head of real estate in Australia and New Zealand.
He progressed to head of Australasian equities at UBS in 2004, and moved to New York a year later to be its global head of research.
Earlier in 2012 Mr Steinert was promoted to global head of product development and management for global asset management at UBS.
‘‘Mark has a track record of successfully managing large business operations, an extensive background in the property sector and a strong reputation among property investors,’’ Stockland chairman Graham Bradley said today.
Mr Steinert will have a fixed salary of $1.5 million as chief executive of Stockland, and will be eligible for short-term incentives worth up to 125 per cent of his salary.
Stockland is a developer of residential housing, and recently forecast a fall in its full year earnings of up to 15 per cent due to weak real estate markets.