Industry veteran will chair Mirvac
Former Suncorp chief executive John Mulcahy has emerged as a key player in the property sector as the new chairman of 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.