Stockland CEO - Retirement Living, David Pitman, has resigned after six years with Stockland. He has spent the last four establishing and building its retirement business to the number three position in the market and the largest developer of new village homes. Over the past 12 months Stockland built and sold 361 new village units plus 340 existing units. They currently have 1,490 new units in its development pipeline.
Pitman came from a strategy background, previously spending 12 years with Boston Consulting. He formulated Stocklands move into retirement, firstly acquiring about 21 villages in the Australian Retirement Communities group (ARC) in Victoria followed by another 23 villages with the Aevum group. Stockland now has approximately 6,300 ILUs.
In March he presented a paper to the sector stating the only thing holding retirement back was a long-term access to capital which is now turning around. He stated retirement villages are a fantastic place to age, especially as they overcome physical and emotional isolation. He also pointed out they are very efficient, comparing its overheads of 15% to shopping centres with 30% overheads.
His replacement is Stephen Bull who has been responsible for Stocklands retail development since 2009. Pitman is staying on for the transition.
Stephen Bull will bring expertise to the Retirement Living Council, given that he is currently a director of the Shopping Centre Council, a sister body within the Property Council.
Stockland CEO Mark Steinert has gone out of his way to reinforce that retirement has a long-term place in Stocklands future.
