Lend Lease reshuffles management

Written By Unknown on Rabu, 24 Oktober 2012 | 11.51

LEND Lease has restructured the management of its Australian operations, months after reporting irregularities were uncovered in the accounts of a subsidiary.

The company's Australian operations, which account for more than 60 per cent of the group's total earnings, have been split into two core divisions - construction and infrastructure, and property.

Current Lend Lease Australia chief executive Mark Menhinnitt will head construction and infrastructure, and Lend Lease's head of investment strategy Tarun Gupta will head the property division.

Lend Lease also confirmed the departure of several executives since its Abigroup construction business was found to have misreported some items in its 2011/12 financial year accounts.

Peter Brecht, Lend Lease's former managing director of construction in Australia and a former Abigroup managing director, has resigned, Lend Lease said on Wednesday.

Two other unnamed Abigroup executives have also left the company.

The current head of Abigroup, David Saxelby, has been appointed the chief operating officer of the new construction and infrastructure division.


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