Tony Lombardo Lendlease
Tony Lombardo will start his tenure as Lendlease CEO on June 1. Image: Lendlease
  • CEO of 12 years, Steve McCann, will retire from Board at end of May
  • Tony Lombardo, CEO of Lendlease Asia. will replace the long-serving CEO

In a statement to the ASX today, Michael Ullmer, Lendlease’s Chairman, has announced that the Board has appointed Tony Lombardo as the new Chief Executive Officer of the Group.

Current CEO, Steve McCann, will retire from the Lendlease Board on May 31, 2021 following 12 years as the Group Chief Executive Officer and Managing Director.

Singapore-based Mr Lombardo is currently the CEO of Asia Lendlease, a role he has held since 2016.

He will return to commence his new role upon Mr McCann’s retirement.

When making the announcement, Mr Ullmer praised his colleague’s role in transforming Lendlease which includes growing the developmental pipeline to more than $110 billion, including 22 major projects across ten of the largest cities in the world. Additionally, he noted that Mr McCann delayed his retirement plans to lead the Group’s response to the pandemic.

“Steve’s passion, intellect and leadership as well as his unwavering commitment towards operating in a safe and sustainable way have left a powerful legacy…I’d like to thank Steve for his commitment to Lendlease during his challenging period’ said Mr Ullmer.

Mr Ullmer said that Mr Lombardo is well-positioned to be the next CEO given his success in large-scale, mixed-use urbanisation projects.

“Tony’s time as CEO Asia, as well as prior roles including Group CFO, make him eminently qualified to lead Lendlease in the future.”

As well as approving his successor, Mr McCann thanked all his colleagues for their hard work during his tenure.

“It has been a tremendous privilege to lead Lendlease for more than 12 years. I’d like to thank every one of our people around the world for their dedication in delivering our projects safely and sustainably on behalf of our customers, investment partners and the communities in which we operate.”

As well as being honoured by the appointment, Mr Lombardo said his soon-to-be predecessor had left the Group in a strong position for all stakeholders.

“I’ve had the privilege of working closely with Steve during my career at Lendlease and he leaves the Group in a strong position with great future momentum,” he said.

“I look forward to working with the Board, management and our 11,000 strong team globally to deliver positive outcomes for all of our stakeholders.”

Mr Lombardo will officially begin his new role on June 1.

His term will be ongoing with a fixed remuneration of $1,800,000 with eligibility for short and long term incentives.

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