Lendlease Group (ASX: LLC) – Lendlease Appoints New Group Chief Executive

Lendlease Group has appointed Nick O’Neil as Group Chief Executive Officer and Managing Director, effective 10 September 2026, marking a significant leadership change as the real estate and infrastructure company continues its transformation. O’Neil will replace Tony Lombardo, who will step down on 30 June 2026 or earlier, bringing more than 25 years of experience in corporate strategy, mergers and acquisitions, capital markets and real asset management to the role.

O’Neil arrives with substantial pedigree in managing complex real asset portfolios. He currently serves as Head of Australian Real Assets at AustralianSuper, where he oversees investments spanning residential property, airports, toll roads, logistics, energy and telecommunications infrastructure, and data centres. His portfolio company directorships include positions at Indara, Vantage Data Centres Europe and Sydney Airport. Prior to AustralianSuper, O’Neil spent 15 years in senior positions at Macquarie Group, including as Chief Financial Officer of Macquarie Infrastructure Corporation and leading regional operations across the United States, Brazil, Mexico and Latin America. This background in managing large-scale infrastructure and real assets directly aligns with the skill set required to navigate Lendlease’s portfolio simplification and operational refocus.

The appointment reflects where Lendlease wants to position itself going forward. Lendlease Chairman John Gillam noted that with the company’s strategy reset and portfolio simplification already underway, O’Neil is positioned to lead the next phase of revitalising and strengthening the business. His experience in aligning capital, strategy and execution to drive performance improvement across complex portfolios addresses the operational and capital allocation challenges Lendlease has faced in recent years. The company has emphasised its intention to deliver projects and investments with clients at the centre of operations, a strategic pivot that requires both technical real asset expertise and disciplined capital deployment.

The transition arrangement provides continuity during the leadership change. Joint Interim CEOs Andrew Nieland, Group Chief Financial Officer, and Penny Ransom, Group Chief Investment Officer, will manage operations between Lombardo’s departure and O’Neil’s arrival. This interim structure maintains senior financial and investment leadership, suggesting the board has confidence in the management team to steer the company through a three-month transition period without major operational disruption.

Investors should monitor several developments following this announcement. Market reception to O’Neil’s appointment will be telling, given Lendlease’s recent performance challenges and the importance of investor confidence during portfolio transitions. The specific strategic initiatives O’Neil outlines once he assumes the role will clarify the board’s priorities for the next phase of transformation. Execution of ongoing portfolio divestments and simplification efforts under interim leadership will be critical, as delays or missteps during the leadership transition could impact shareholder value. This announcement is price sensitive and has been flagged as material by the ASX.

View the full ASX announcement (PDF)

About Lendlease Group Limited (ASX: LLC)

Lendlease Group is an integrated real estate and investment company that develops, manages and invests in mixed-use residential, commercial, retail, industrial and infrastructure properties. The company operates through investment, development and construction segments across Australia, Asia, Europe and the Americas. Founded in 1957, it is headquartered in Barangaroo, Australia.

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