Industry veteran will chair Mirvac
Mr Mulcahy will replace James MacKenzie, who plans to step down at the company's annual general meeting in November.
Mr Mulcahy has been on the Mirvac board since November 2009.
Before that he was chief executive of Suncorp, and has also worked at Commonwealth Bank. He stood down from Suncorp after the bank and insurer suffered heavy lending losses during the depths of the financial crisis
Mr Mulchay spent 14 years heading the property investment division at Lend Lease. Before joining the corporate world he was a builder.
Aside from non-executive directorships at GWA International and , Mr Mulcahy has been a member of the board of the Future Fund since 2006.
Analysts said Mr Mulcahy's appointment was positive, as he knows the company and has a strong property background. It also comes at a time when Mirvac's fortunes are improving with a forecast stronger residential sector.
At an Australia Israel Chamber of Commerce lunch in Sydney on Wednesday, Mirvac chief executive Susan Lloyd-Hurwitz said Mirvac aimed to focus on building assets in the right location, such as its Harold Park development in Sydney, which was not always easy given land availabilty.
Frequently Asked Questions about this Article…
John Mulcahy is a long-serving Mirvac director (on the board since November 2009) and a seasoned property executive. He was formerly chief executive of Suncorp, spent 14 years heading the property investment division at Lend Lease, has worked at Commonwealth Bank, and began his career as a builder. Analysts view his appointment as positive because he knows the company and brings strong property expertise to the Mirvac chairman role.
James MacKenzie plans to step down as Mirvac chairman at the company's annual general meeting in November.
Analysts described Mulcahy’s appointment as positive for Mirvac, noting his deep knowledge of the company and strong property background. They also pointed out the timing is favorable given a forecast of a stronger residential sector improving Mirvac’s fortunes.
Mirvac, led by CEO Susan Lloyd-Hurwitz, aims to focus on building assets in the right locations. She highlighted projects like the Harold Park development in Sydney and noted that securing suitable land can be a challenge.
Aside from his Mirvac directorship, John Mulcahy has held non-executive roles including at GWA International and has been a member of the board of the Future Fund since 2006.
While the article doesn’t promise specific share moves, analysts say Mulcahy’s appointment is a positive signal because of his experience and familiarity with Mirvac. For everyday investors, that could translate into increased confidence about the board’s stewardship as the residential sector strengthens.
The article specifically mentions Mirvac’s Harold Park development in Sydney as an example of the company’s focus on building assets in prime locations.
John Mulcahy was chief executive of Suncorp and has also worked at Commonwealth Bank. He stood down from Suncorp after the company experienced heavy lending losses during the depth of the financial crisis, as noted in the article.
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