Property developer Stockland Group's managing director Matthew Quinn will retire in February 2013 after 11 years in the top job.
Stockland chairman Graham Bradley on Wednesday said Mr Quinn would continue to lead the business until a successor was appointed and the board would undertake a comprehensive internal and external search to select his replacement.
Stockland also said it expected to report earnings per security of 29.3 cents for fiscal 2012, which would be below the company's guidance in May.
This was due mainly to one-off restructuring costs which were expected to deliver efficiencies in fiscal 2013 and beyond, the company said.
Stockland said it did not acquire as many shares in its buyback program as was assumed in its most recent guidance.
The timing of superlot settlements also had had a small impact on the expected outcome.
Stockland had previously forecast EPS of 29.8 cents a security for 2012.
The company, which is due to report its full year results on August 8, said it still expected to pay a full-year distribution of 24 cents for 2012.
Meanwhile, the company's outgoing managing director said he had decided to step down after much consideration.
"I am committed to working with the board and executive team to ensure a smooth transition," Mr Quinn said.
"It has been a privilege to lead Stockland and I am very proud of the legacy I will leave behind."
Mr Bradley paid tribute to Mr Quinn's work, saying he had helped transform Stockland by helping it increase its assets to $12.7 billion from $1.7 billion.
"The board is confident Stockland is in good shape to remain resilient in the current challenging environment and grow returns as conditions improve," Mr Bradley said.
