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."