New Lendlease chairman John Gillam has emphatically backed the embattled property giant’s chief executive Tony Lombardo to lead the group’s strategy reset, declaring it will create the opportunity for “fresh growth” in 18 to 24 months.

Gillam, who helped turn Bunnings into an Australian retail powerhouse and more recently oversaw the turnaround and eventual sale of CSR as chairman of the building products group, says Lombardo has moved quickly since Lendlease announced a radical turnaround plan in May, under which it will sell $4.5 billion worth of assets and abandon many of its international operations.