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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lendlease chairman’s exit won’t be enough for angry investorsBeing one of Australia’s iconic companies provides no immunity from poor performance. The property and construction giant’s shareholders are in revolt.
Source: smh - 🏆 6. / 80 Read more »
Lendlease chairman’s exit won’t be enough for angry investorsMany feel that the board has instead just engaged in a bit of tinkering – a lick of paint and some landscaping.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Lendlease chairman to exit property giant at AGMGlobal property giant Lendlease has announced that chairman Michael Ullmer will retire at its annual general meeting in November, following concerns about the company’s underperformance.
Source: smh - 🏆 6. / 80 Read more »
Lendlease chairman to exit property giant at AGMGlobal property giant Lendlease has announced that chairman Michael Ullmer will retire at its annual general meeting in November, following concerns about the company’s underperformance.
Source: theage - 🏆 8. / 77 Read more »
LLC ASX: Aware Super wants a new chairman at Lendlease, fastLendlease’s biggest investor has called for an external candidate to replace Michael Ullmer, and urgently steer the embattled developer’s turnaround.
Source: FinancialReview - 🏆 2. / 90 Read more »
Lendlease tax whistleblower’s 12-year fight for vindicationLendlease’s tax dispute could cost it at least $112m, but whistleblower Anthony Watson has lost his job, battled depression and is about to sell his family home.
Source: FinancialReview - 🏆 2. / 90 Read more »