By a staff reporter
Stockland Ltd has poached Transfield Services Ltd chief financial officer Tiernan O’Rourke, as new chief executive Mark Steinert continues to push a company restructure and management shake-up.
Mr O’Rourke, who is also chief executive of Transfield's Middle East and Asia region, will replace Stockland incumbent CFO Tim Foster in October.
Mr O’Rourke has more than 20 years of experience in senior financial, commercial and planning roles.
He was previously CFO of Australand Holdings Ltd, and has also held senior finance positions at AGL, Westfield, CSR and Brambles.
Stockland is aiming to cut gross overheads by 10 per cent in 2014 - half in staffing costs and the remainder in better processes and a national approach to procurement.
In May, Stockland said it expected 2012-13 earnings per share to come in at the lower end of its guidance, because of costs associated with the restructure. It expected EPS to be 25 per cent lower than the previous fiscal year.
As part of the management shake-up, Mr Steinert in May appointed managing director of Bank of America Merrill Lynch's real estate investment banking group, Simon Shakesheff to the new position of group executive strategy and stakeholder relations.
Mr Shakesheff starts at Stockland in mid-August.
Mr Steinert also promoted Michael Rosmarin to the newly created position of chief operating officer.
In the first half to December 31, Stockland swung to a huge loss of $147.1 million, a far cry from the $307.6 million profit posted in the same period last year.