The board of Lendlease has delivered its chairman as a sacrifice to disgruntled investors as the construction and property giant seeks to head off impending slaughter at a shareholder briefing next Monday.
This would reverse the somewhat unwieldy spread of the Lendlease into various regions and businesses over the past 20 years, some of which has been value-destroying. Even newer shareholders would be disappointed by the one-year stock performance, which is down 22.4 per cent compared with a gain of 9 per cent in the All Ordinaries.
There will be plenty of execution risk even if Lendlease bows to its investors’ desire to slim down and retract its international tentacles.This may appease investors for a couple of days, but something more substantial needs to come from next week’s strategy briefing.
Source: News Formal (newsformal.com)
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