The latest word on the next Lendlease chairman is that the property group is hoping to make the appointment before its November 15 annual general meeting, which means an announcement could be just weeks away.
Apparently, there are three names in the running, but in an interesting twist, the understanding is that none of the top candidates are from the real estate industry.
Earlier, the thinking was that the focus was narrowing to former Mirvac Group chairman John Mulcahy.
However, based on the latest talk, it seems likely he is not in the mix anymore.
It comes after current Lendlease chairman Michael Ullmer in May revealed that he intended to step down at the company’s AGM.
Lendlease has faced pressure from activist investors including John Wylie’s Tanarra, Allan Gray and David Di Pilla’s HMC Capital over its performance.
The share price is now at $7 after trading at $6.12 in May, but the company remains under pressure to improve performance.
Its shares were $20 in 2018.
Hurting the company have been tough industry conditions and unprofitable development projects, particularly offshore.
It is looking to retreat from international exposure, reduce debt and cut costs.
Morgan Stanley and Gresham are the company’s advisers.
Chief executive Tony Lombardo has said he expects that $2.8bn of non-core assets across the global portfolio will be sold by the end of the 2025 fiscal year.
Lendlease posted a $1.5bn loss for the year to June after taking heavy writedowns on its offshore operations, but has insisted that its turnaround plan is on track as it chases fresh opportunities in Australia.
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