Mirvac Group has announced the sudden resignation of its chairman, James MacKenzie.
Mr MacKenzie had held the job since 2005. There was no immediate replacement for the job. Mr MacKenzie said in a letter to security holders that he felt it was "the right time to hand over the mantle" to someone new.
"I will step down as chair at this year's annual general meetings in November and the board is considering its succession plan and the identification of a new chairman," he said. But analysts said the board started looking for a new chief at least six months before the departure of Nick Collishaw and appointment of Susan Lloyd-Hurwitz last year. The board shake-up comes 24 hours before Mirvac releases its full-year earnings results.
The group held an investor strategy update in mid May, where Ms Lloyd-Hurwitz reaffirmed the earnings guidance for the full year in the narrow range of 10.7¢ to 10.8¢ to June 30, 2013. Broker estimates are for a net profit after tax of $366.2 million, with a distribution of 4.3¢. That would be unchanged on the 2012 result.
After the May briefing, John Kim, of CLSA, said he found Mirvac's strategic review to be high in substance but low in "wow" factor.