With only days before Stockland's highly anticipated strategic update next Monday, investors were surprised with the news on Wednesday night that the group had let go its chief financial officer, Tim Foster, and chief executive of residential development, Mark Hunter.
The company declined to comment, saying "we will not be commenting on any speculation ahead of our Investor Day". However, one investment bank said the management changes, "will do little to soothe nerves ahead of next week's strategy update".
There are suggestions that in the strategic review Stockland's new chief executive Mark Steinert will drop the current three "r" focus of residential, retail and retirement, to a two-pronged medium density residential and retail.
That could also encompass Stockland creating a merger or sale with FKP Property for the retirement assets. It is said the two groups have been in discussion over the future of the assets for some time.
Using the term "centres of excellence" which has been discussed by previous management, Stockland could look at redeveloping its existing landbanks to mixed-use, medium-density projects.