Property developer, Mirvac, says its finance director Greg Dyer will stand down after only eight months in the job.

Dyer will vacate the position immediately as the board looks for a replacement.

However, he will remain in an executive capacity to assist in transitional arrangements until September, the company said.

Mirvac CEO Susan Lloyd-Hurwitz said Dyer had provided good support to the executive leadership team and the board since his appointment on August 6 last year.

“Greg has played a key role in assisting the group through the CEO leadership transition,” Lloyd-Hurwitz said.

Lloyd-Hurwitz, who joined Mirvac late last year, reshuffled her senior executive team in January, abolishing the chief operating officer’s role and creating a new group strategy position.

In February Ms Lloyd-Hurwitz declined to rule out a play for property developer Australand, as rival property group GPT kept alive its own takeover option.

Australand last month confirmed several companies were interested in buying all or part of its business. Mirvac is believed to be one of the parties.

In February Mirvac reported a net profit of $55.2 million for the six months to December 31, down from $176.6 million for the the previous corresponding first half.

AAP