The Lendlease veteran is leaving the company after 26 years to head up Australia’s largest listed developer – and he is tipped to potentially further sell down its retirement living business.
Stockland confirmed last Thursday that Mr Gupta will become Stockland’s new Managing Director and Chief Executive Officer from 1 June 2021, with Mark Steinert to stay in his job until then.
Stockland chairman Tom Pockett said: “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.”
Gupta involved in 2017 sale of 25% stake of Lendlease Retirement
Lendlease’s CFO since May 2016, Mr Gupta has held a number of roles at the company since starting as a graduate, including as Regional Chief Executive Officer for its Australian property business covering communities and urbanisation development, retirement and investment management business.
He was also involved in the 2017 sale of a 25% stake in Lendlease’s retirement living business to Dutch pension fund SPG and there is speculation he could do the same at Stockland, where talk of capital partnerships has been ongoing for around five years.
Remuneration package to top $6 million
Stockland is paying Mr Gupta a number of incentives including $3.7 million compensation for forgoing incentives he would have received for staying at Lendlease.
According to the terms of his employment, Mr Gupta’s appointment will receive an annual fixed salary of $1.5 million.
His full remuneration package is valued at over $6 million – which Stockland says is in line with Mr Steinert’s current payment arrangements – if he delivers on short- and long-term goals.
