Stockland in management shake-up

By a staff reporter

New Stockland Ltd chief executive Mark Steinert continues to push a company restructure and management shake-up, appointing a former Bank of Americal Merrill Lynch executive to a new senior role.
Simon Shakesheff, who managing director of Bank of America Merrill Lynch's real estate investment banking group, will start at Stockland, mid-August in the new position of group executive strategy and stakeholder relations 
Mr Shakesheff has 25 years' experience analysing and advising property groups.
Current group executive Michael Rosmarin will take up the newly created position of chief operating officer, with responsibilities including human resources, operations, operational risk and marketing. 
Chief financial officer Tim Foster will leave Stockland later this year, with the company still seeking a replacement.
Mark Hunter, group executive and chief executive of residential property is also leaving Stockland, after 13 years with the group.
Stockland swung to a hug loss for the first half. In the six months to December 31, the group posted a net loss of $147.1 million, a far cry from the $307.6 million profit posted in the same period last year.