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.