Allan Gray boss Simon Mawhinney says change that would restore shareholder confidence in the property developer should come immediately.
Lendlease should announce a process to replace chairman Michael Ullmer “tomorrow” and not even wait for a strategy update next month to do it, institutional investor Allan Gray says, arguing the company needs a cultural change that no current board member can bring about., who oversees a 6.2 per cent stake in the embattled company, endorsed the sentiment of investor Tanarra, led by former investment banker“I think it’s urgent. I would prefer for it to be tomorrow.
But the difficulty of turning around a company as complex as Lendlease is reflected in the range of views about what should happen. Many critics say the company needs to focus less on overseas operations and concentrate on its more profitable Australian business. “We’re clear of the Tanarra position. We think a lot of the information included in their packs makes sense,” said Mr Wilson, founder of Wilson Asset Management.
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