The appointment of former Bunnings boss John Gillam as chairman of Lendlease has sparked more tension between the embattled property giant and its shareholders, a group of which tapped Boral chief executive Vik Bansal as a potential candidate for the chairman role.

Lendlease announced on Monday that Gillam has been appointed to replace Michael Ullmer at the company’s annual general meeting next month. But that meeting looms as a potential flashpoint between the Lendlease board and investors who fear Gillam may not push Lendlease chief executive Tony Lombardo to deliver the level of cultural change the company needs.