Lend Lease consolidates, up to 300 jobs to go
In a late notice to the ASX, Mr McCann's remuneration package has been restructured to increase the emphasis on long-term incentives, with a related reduction in short-term incentives.
The new arrangements provide for fixed remuneration of $2.03 million, which includes superannuation and any salary-sacrifice item.
Lend Lease is due to announce its full-year results on Friday. In June, Mr McCann flagged profit of $540 million to $550 million for the full year.
At that time, Mr McCann said the restructuring of its Abigroup and Baulderstone subsidiaries would see duplication in jobs.
"As a result of the restructure of Lend Lease's Australian construction and infrastructure businesses, there will be some redundancies among salaried staff," a company spokesman confirmed on Thursday. "This process will be carefully managed and will be respectful of the people concerned. We will, of course, examine every opportunity for redeployment."
Frequently Asked Questions about this Article…
Lend Lease has warned the consolidation could lead to up to 300 job losses, with the company saying there will be redundancies among salaried staff as roles are duplicated in the restructure.
The article says Lend Lease is restructuring its Abigroup and Baulderstone subsidiaries, and that the combination of those businesses would result in duplicated roles and the potential for redundancies.
A company spokesman confirmed the redundancy process will be carefully managed and respectful of affected people; Lend Lease also said it will examine every opportunity for redeployment of impacted staff.
Yes — Steve McCann has signed on again, ending speculation he might leave. For investors, his re-commitment is notable because leadership continuity can matter when a company is executing a major restructure and preparing to report results.
Mr McCann's pay has been restructured to put greater emphasis on long‑term incentives and reduce short‑term incentives. His fixed remuneration is now $2.03 million, which includes superannuation and any salary‑sacrifice items.
Lend Lease is due to announce its full‑year results on Friday. In June, Mr McCann flagged full‑year profit of about $540 million to $550 million.
The company provided a late notice to the ASX outlining the remuneration changes for Steve McCann; the article describes it as a late notice but confirms the details were disclosed.
Investors should be aware that Lend Lease is consolidating its Australian construction and infrastructure businesses, which could mean up to 300 job cuts, the CEO has re‑signed with pay focused more on long‑term incentives, and the company is set to release full‑year results on Friday after previously flagging $540–$550 million in profit guidance.
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