Lendlease Group (ASX:LLC) announced that Group CEO and Managing Director Tony Lombardo will step down in August, marking the end of an 18-year tenure with the company and five years at its helm.
The departure follows the release of the group's full-year financial results and aligns with a "strategic resetting" of the firm.
Lombardo is set to relocate to Southeast Asia for a new career opportunity, leaving behind a legacy focused on simplifying the group’s portfolio and stabilizing the balance sheet.
The board has already initiated a search for a successor, engaging an international executive search firm to find the leader for Lendlease's next phase of execution starting in FY27.
Chairman John Gillam noted that with the refreshed strategy now embedded, FY27 represents a "natural opportunity" for new leadership to take the reins.
At the time of reporting, Lendlease Group's share price was $4.66.