Lendlease’s chairman-elect, former Bunnings chief executive John Gillam, will prioritise the return of funds to shareholders along with paying down debt as the property giant collects “large swaths” of money from its planned $2.8 billion worth of asset sales this year, he says.

Mr Gillam, named on Monday to replace Michael Ullmer, who will step down after the Lendlease annual general meeting on November 15, said the embattled property company had to follow through with paying capital back to investors as part of its efforts to restore trust with investors.