This article is from the Australian Property Journal archive
FORMER Bunnings CEO John Gillam has been announced as a director and chairman-elect at Lendlease, in the wake of the planned retirement of the current chairman, Michael Ullmer.
The Bunnings boss will join Lendlease’s board immediately and will start as chairman from 15 November.
“The Lendlease Board has continued its disciplined and ongoing renewal, and I am very pleased to announce the appointment of John Gillam as Chairman-elect following a comprehensive external search process,” said Ullmer, who announced his upcoming retirement back in May.
“John, who will take over as Chairman immediately following completion of our AGM in November, brings an external perspective that will add new energy and urgency to our key strategic priorities and continue the ongoing Board renewal process.”
Gillam has extensive commercial and leadership experience, formerly serving as chair of CSR Limited after 20 years as an executive at Wesfarmers.
“The Board has been mindful of the skills and experience required to guide Lendlease through a critical period of change and to maintain its execution momentum,” added Ullmer.
John is a highly experienced chairman who brings deep strategic and commercial acumen and a strong track record of operational delivery and execution in both executive and non-executive roles working for some of Australia’s largest companies.”
Gillam is currently the chair of Nufarm Limited, the VetPartners Group and BlueFit Pty Limited, as well as a director at the Clontarf Foundation.
“His successful leadership of Bunnings Group through its formative expansion demonstrates his absolute focus on instilling the right culture to deliver bottom line outcomes and drive securityholder returns,” said Ullmer.
“These attributes give the Board great confidence that John is the right person to support our Group CEO Tony Lombardo, and the leadership team, to continue execution of the refreshed strategy, further simplify Lendlease and support the future growth of the business.
Lendlease is in the process of simplifying and recycling $4.5 billion of net capital, with $2.8 billion targeted by 30 June 2025.
This includes recent strides including the $1.3 billion sale of 12 Australian Communities projects to Stockland, the completion of the sale of its US construction business and the sale of its US military housing business for $480 million.
In addition to forming a joint venture with Warburg Pincus, to establish a Asia Pacific life sciences investment platform.
This comes after, Lendlease posted a massive $1.5 billion loss in August, with the group announcing a $4.5 billion divestment program in May, after heavy pressure from shareholders.
While last week, Lendlease announced a new partnership with Nippon Steel Kowa Real Estate (NSKRE) for a $500 million build-to-rent apartment project in Melbourne’s Docklands.
“It’s a privilege to be appointed Chairman of Lendlease at such a pivotal time in its history. I look forward to commencing work with the Board and Tony very soon to help deliver on the refreshed strategy, including examining options to bolster and accelerate implementation,” said Gillam.
“There is both an opportunity and a responsibility for Lendlease to strengthen its future on the foundations of its proud legacy.”
