Mirvac loses finance director Dyer
Analysts said the departure would make it that much harder for the group to undertake any merger and acquisitions, such as its speculated tilt at Australand.
Mr Dyer joined Mirvac last September. At the group's general meeting in November, Mr Dyer was the subject of debate by the Australian Shareholders' Association, who raised concerns about him participating in Mirvac's long-term performance plan.
It has been suggested that the diversified property company was looking at making an offer for Australand. However, analysts are expecting that GPT will launch another offer for Australand with the agreement of a joint venture partner to buy the residential assets.
In a short statement new Mirvac chief executive Susan Lloyd-Hurwitz said Mr Dyer would be resigning from the Mirvac board immediately, however he intends to remain in an "executive capacity to assist in transitional arrangements until September 2013".
Frequently Asked Questions about this Article…
Mirvac's finance director Greg Dyer resigned from the role after only eight months in the position.
Greg Dyer joined Mirvac last September and resigned from the finance director role after about eight months.
Susan Lloyd‑Hurwitz said Greg Dyer would resign from the Mirvac board immediately but intended to remain in an executive capacity to assist with transitional arrangements until September 2013.
Analysts quoted in the article said Dyer’s departure would make it harder for Mirvac to undertake mergers and acquisitions, such as its speculated interest in Australand.
The article says it was suggested Mirvac was looking at making an offer for Australand, though analysts expect GPT may launch another offer with a joint‑venture partner to buy the residential assets.
Yes — at Mirvac's general meeting in November the Australian Shareholders' Association raised concerns about Greg Dyer participating in Mirvac's long‑term performance plan.
Analysts expected that GPT would launch another offer for Australand, with the agreement of a joint‑venture partner to buy the residential assets, rather than Mirvac pursuing a bid alone.
The article suggests investors should note that the unexpected resignation of a finance director can complicate strategic moves like mergers or bids (for example, Australand), and that Mirvac said the outgoing director would stay in an executive role to help with the transition until September 2013.
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