By a staff reporter
Non-executive director of Mirvac Group Ltd, James MacKenzie, will resign from his position in January 2014.
In a statement to the Australian Securities Exchange, Mirvac chairman John Mulcahy thanked Mr MacKenzie for his "significant contribution" over the past eight years.
"Since assuming the role of chairman in 2005 James has steered the group through some very challenging circumstances," he said.
"His leadership of the board has been a key contributor to getting Mirvac to where it is today, with its strong management team, robust balance sheet and clear strategy.
"Mirvac is well positioned to enter into its next period of focused growth."
In September, Mr Mulcahy replaced Mr MacKenzie as chairman of the Mirvac board. It came after a tumultuous year for Mr MacKenzie, who came under fire from investors over a perceived lack of explanation of the board's decision to replace managing director Nick Collishaw with Susan Lloyd-Hurwitz.
Mr MacKenzie's announcement came ahead of the group's annual general meeting, at which Mirvac said it would reactivate its dividend redistribution plan from the December 2013 fist-half distribution.
Mr Mulcahy told shareholders "all in all, the outlook for the business is positive."
"The group’s balance sheet is in good shape and there is a clear strategy in place," he said.
"We will continue to leverage our asset management capability to retain a well-performing passive portfolio and we will utilise our development capability to deliver target returns in our commercial and residential developments."
