Lendlease’s biggest investor has called for an external candidate to replace Michael Ullmer, and urgently steer the embattled developer’s turnaround.
Lendlease’s biggest investor, Aware Super, has called for chairman Michael Ullmer to step down as soon as possible and be replaced by an external candidate, as the property giant battles to revive its beleaguered global development business.
“As the largest shareholder in Lendlease, Aware Super has regularly communicated to the board its desire for strategic change and a refreshed approach to the leadership of the company,” chief investment office Damian Graham said on Sunday. The $175 billion industry super giant is not pressing for a board seat. Rather, it is keen for a new chairman to be installed as soon as practicable, so the board can steer a refreshed strategy.
Aware Super broadly supports a strategy for Lendlease to simplify its global footprint. The super fund’s own entanglement with Lendlease extends to its co-investment directly into severalLast week, Lendlease announced it had sold a half stake in its Asia Pacific life sciences platform to private equity player Warburg Pincus, in a $147 million deal it said
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