Investors downgraded the stock at a time when the global property giant is coming under pressure from other major shareholders to restructure the business.
Lendlease has vowed to fight the tax office over a $112 million bill that prompted investors to downgrade its stock at a time when the global property giant is coming under pressure from other major shareholders to restructure its business.
Lendlease, a global property developer and fund manager with a market value of $4.3 billion, is one of Australia’s oldest and most complex listed companies. Last month, Wylie led the charge, sending a letter to Lendlease management, saying the company’s “flywheel” business model is “fundamentally broken”.“The company is unfocused and overextended with multiple, often-unrelated activities spread across four continents that arguably draw more disadvantages from common ownership than advantages,” the letter reads.
Lombardo took over the reins from Steve McCann in 2021 and has focused on cutting costs, which included a 10 per cent reduction in its global workforce. Under his leadership, Lendlease has also sold out of projects such as the $20 billion Google development in San Francisco.
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