This article is from the Australian Property Journal archive
GLOBAL property player Lendlease has looked within the organisation by promoting Tony Lombardo, currently chief executive officer Asia Lendlease, to the top job.
Lombardo will take over from Steve McCann who will retire as CEO and managing director on May 31, 2021 following a 16-year career with the group including more than 12 years at the helm.
Chairman Michael Ullmer said McCann has played an instrumental role in spearheading Lendlease’s transformation, expanding the integrated business model in targeted global gateway cities.
“Under Steve’s leadership, the group’s global development pipeline has grown to more than $110 billion including 22 major urbanisation projects across ten of the world’s most iconic cities.
“Lendlease is now recognised as a global leader in transforming major precincts into places people truly want to be. Steve’s passion, intellect and leadership as well as his unwavering commitment towards operating in a safe and sustainable way have left a powerful legacy,” he added.
“The onset of COVID-19 delayed Steve’s planned retirement as he led the group’s response to the pandemic. I’d like to thank Steve for his commitment to Lendlease during this challenging period.” Ullmer said.
In September last year Lendlease finalised the sale of its non core engineering business after posting a full year loss of $310 million after exit costs and write downs exceeded expectations.
Lendlease had previously disclosed a cost estimate to exit the engineering and services businesses of $450 – $550 million on a pre-tax basis but later revised the figures to approximately $550 million pre tax, with $525 million pre tax ($368 million after tax) accounted for in FY20.
McCann said: “It has been a tremendous privilege to lead Lendlease for more than 12 years. I am very pleased that the board has selected Tony as my successor. His appointment reinforces the outstanding bench strength we have built in senior management at Lendlease. I have worked closely with Tony for 13 years and am confident in the future of Lendlease in his hands.”
Meanwhile Ullmer said Lombardo’s time as CEO Asia, as well as prior roles including group CFO, make him eminently qualified to lead Lendlease.
Lombardo said he was honoured to be selected by the board to succeed McCann.
“I’ve had the privilege of working closely with Steve during my career at Lendlease and he leaves the group in a strong position with great future momentum. I look forward to working with the board, management and our 11,000-strong team globally to deliver positive outcomes for all of our stakeholders.” Lombardo concluded.