Nick Collishaw will be stepping down as chief executive officer and managing director of Mirvac Group by the end of October.

Replacing him will be Susan Lloyd-Hurwitz who will take up the new role before the end of the year. She is currently managing director Europe at LaSalle Investment Management based in London and has previously held senior executive roles at Macquarie Group and Lend Lease around the world.

Commenting on Collishaw’s departure from the company, Mirvac Group chairman James MacKenzie said: “This has been an important chapter for Mirvac, but over the next few years the Group has a different set of challenges. The board is keen to accelerate cultural change in the business, and wants to place even greater focus on the Group’s communication with stakeholders. This needs to be achieved alongside continuing improved return on invested capital from the development division.

“The board has been focused on succession planning for some time. Having now identified an outstanding candidate in Susan Lloyd-Hurwitz, Nick Collishaw and the board that it was time to commence an orderly transition.”