MAB management team in place for 2010 – ex-Linfox Brennan completes MAB C-suite
Mick Brennan has come to MAB Corporation as the final appointment in the new look senior management team that will steer the innovative and creative development company into the future.
In March Brennan was appointed Chief Financial Officer (CFO) charged with overseeing the financial structure of the company’s extensive development portfolio.
Together with MAB’s newly appointed Chief Operating Officer (COO) David Hall, Brennan makes up the final member of the executive team including Executive Director Michael Buxton and Andrew Buxton as Managing Director.
Key divisional heads Nick Gray (General Manager Funds Management), Kevin Hunt (General Manager Residential), Richard Johnston (General Manager Commercial and Industrial) and Sonia Chamings (General Manager Docklands Apartments Grand Mecure) are charged with bringing the extensive portfolio to market.
Brennan, a Chartered Accountant, spent 12 years with Linfox including 4 years as CFO of subsidiary Armaguard and then 2 years as its CEO.
In the next five years Brennan, Hall and the new executive team will oversee the doubling of MAB Corporation from a $200 million a year turnover to $400 million a year as a number of major projects come on line.
This includes 1800 hectares of greenfield residential, industrial and commercial land under development and 700 apartments under construction. Projects the calibre of NewQuay in Docklands, with four apartment towers coming out of the ground, the award winning University Hill development. Planning for Merrifield – a new City for Melbourne for 30,000 people together with 30,000 jobs in Melbourne’s North – is well advanced.
In addition to handling the finances, Brennan has been charged with developing a range of investment and financing options to fund this expansion to allow a wide range of investors to capitalise on MAB’s renowned ability to deliver quality projects.
“In coming years investors will be offered a range of opportunities including income focused property trusts, property development participation, mezzanine finance and private equity” he said.
Brennan said one of the strengths that MAB will be offering the market is continued equity participation by founders Andrew and Michael Buxton.
“Michael and Andrew are looking at the new funding structures as a method of locking in the long term finance required for such ground breaking developments,” he said.
Brennan said MAB has developed more than $3 billion of property and had now embarked on a major growth phase of its development.
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Dr Vince FitzGerald has recently retired after serving on the MAB Board of Management for the past seven years. A replacement for Vince is currently being recruited.
MAB is guided by the corporate governance of a Board of Management with a cross-section of skills, ensuring the discipline of a publicly listed company. The Board is made up of a diverse range of experts bringing knowledge from number of industries.