Lendlease seals truce with activists in radical reset

Lendlease chief executive Tony Lombardo has won over the activist investors who successfully agitated for the company to shut the door on expensive international construction work and concentrate on its home market.

The listed developer will shed thousands of jobs as part of a strategic shift – revealed by The Australian Financial Review – that will trigger up to $1.48 billion in impairments linked to barely profitable overseas projects that saddled it with debt.