NewsBite

Lendlease chief says critics ‘got it 80 per cent right’

Michael Bleby
Michael BlebyDeputy property editor

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Lendlease critics John Wylie and David Di Pilla got it “80 per cent right” in encouraging the country’s largest property company to hive off unprofitable activities and focus on better businesses, chief executive Tony Lombardo says.

Lendlease – under significant pressure from its major investors including Mr Wylie’s Tanarra Capital, Mr Di Pilla’s HMC Capital and Allan Gray – in May said it would sell $4.5 billion in assets and exit overseas operations. It had already cut its staff from 11,000 to 6500 people and would reduce that further to 4000 over the next 18 months, Mr Lombardo said.

Loading...
Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Read More

Latest In Commercial

Fetching latest articles

Most Viewed In Property

    Original URL: https://www.afr.com/link/follow-20180101-p5k8yb