After more than 11 years in leading Stocklands, managing director Matthew Quinn has announced his retirement as of February 2013.

“As our only third managing director in 60 years, Matthew has made a transforming contribution to the company,” Stockland chairman Graham Bradley said.

“The Board appreciates his enormous commitment over the past 11 years during the time Stockland has grown from $1.7 billion in assets in 2000 to $12.7 billion today.”

Quinn will continue to lead the business until a replacement is found. The Board is expected to undertake an internal and external search to find the next managing director.

“After much consideration I have decided that it is now the right time to step down. I am committed to working with the Board and executives team to ensure a smooth transition,” Quinn said.

Stockland will announce its results for 2012 financial year in two weeks with beliefs it will be “slightly below the guidance provided in May due mainly to one-off restructuring costs which are expected to deliver efficiencies in 2013 financial year and beyond”.