Lend Lease consolidates, up to 300 jobs to go
Lend Lease's consolidation of its construction and infrastructure businesses could lead to up to 300 job losses. This comes as chief executive Steve McCann has signed on again, silencing speculation he was looking to leave.
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."
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free