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Mirvac Group appoints new chairman

Mirvac Group (ASX: MGR) announced Friday that John Mulcahy is to assume the role of chairman following James Mackenzie’s decision to stand down after eight years in the role. Mulcahy joined the board as a non-executive director in November 2009.

Just over a week ago the company announced the appointment of Shane Gannon as its new chief financial officer. Gannon has over 30 years’ experience in corporate finance and starts the role this December. Gannon has been hired after an April announcement that Greg Dyer would be leaving the role less than a year into it.

Current chief executive officer, Susan Lloyd-Hurwitz, is less than a year into the top job herself. Last year’s sacking of former chief executive Nicholas Collishaw sparked the managerial merry-go-round.

The company reported operating earnings of $377.6 million for the fiscal year, however $273 million of impairments left net profit at just $139.9 million. It took writedowns in West Australian and Queensland property values, significantly impacting the bottom line.

The outgoing chairman described fiscal 2013 as a significant year of turnaround. He’s not wrong there and the group will now want to focus on developing its core businesses of property development and management.

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Motley Fool contributor Tom Richardson does not own shares in any of the companies mentioned in this article.

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