Mirvac chair confirms exit, CEO to follow

Mirvac Group chief executive officer Susan Lloyd-Hurwitz has tendered her resignation after a decade with the property group, following suit from outgoing chair John Mulcahy.

Dr Mulcahy, who announced he would be retiring last year, said it was the right time for both he and Ms Lloyd-Hurwitz to leave the business and hand over to the ‘next generation’ of Mirvac leaders.

Ms Lloyd-Hurwitz is set to step down from Mirvac on June 30 2023, which the group says will allow for a smooth transition for her successor, who is yet to be confirmed.

“Recently I initiated a discussion with John, informing him of my intention to retire, allowing a long window for a smooth transition and continuity,” she said.

“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.”

Her exit from Mirvac comes more than 10 years after she was appointed chief executive in August 2012 and director in November that same year.

The update also confirmed outgoing chair Dr Mulcahy would officially leave the group on December 31 2022 after serving in the role since 2013.

He will be replaced by Mirvac non-executive director Rob Sindel in the new year.

“I’m pleased to be leaving the group in such a strong position and in the safe hands of our new Chair,” Dr Mulcahy said.

“Rob’s deep knowledge of the property industry and his extensive experience and skills positions him well to transition as Chair,” said Dr Mulcahy.

Mirvac's largest current WA project is the The Peninsula Burswood, which is expected to have a project end value of $867.8 million.

The developer has a total of $1.63 billion of residential projects in various stages of development in WA. 

It recently sold 31-storey St Georges Terrace tower Allendale Square to Centuria Capital and MA Financial Group for $223 million.

Mirvac shares were off 1.43 per cent to trade at $1.93.