Lendlease’s biggest investor, Aware Super, has called for chairman Michael Ullmer to step down as soon as possible and be replaced by an external candidate, as the property giant battles to revive its beleaguered global development business.

The intervention from Aware Super, which holds close to a 9 per cent stake, comes amid mounting pressure on Mr Ullmer to step aside as Lendlease prepares to front disgruntled investors on May 27 with a plan to restore the company’s flagging fortunes.