Lendlease chair Michael Ullmer to retire this year
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The news: Lendlease has announced that its chair Michael Ullmer will retire from the board at the company's annual general meeting in November, along with non-executive director Nicola Wakefield Evans.
The numbers: Ullmer joined the Lendlease board in 2011 and chaired the board's sustainability committee before being appointed chair in 2018. He previously held leadership roles at Commonwealth Bank and National Bank Australia, and remains a non-executive director at Westpac.
Wakefield Evans joined the Lendlease board in 2013, having previously worked at law firm King & Wood Mallesons for 28 years. She has previously held board positions at Toll Holdings, Asialink, Bupa Australia and Macquarie Group, and remains a non-executive director at Viva Energy and Clean Energy Finance Corporation, as well as chair of MetLife Australia.
The context: Lendlease said that a formal process to appoint a new Australia-based chair has been initiated. It also confirmed that it will continue with its planned board renewal process under the new chair in line with its future strategy.
Last month, shareholder Tanarra Capital accused Lendlease of having an "arrogant culture" and called for fundamental change within the company.
What they said: "I believe that now is the time to commence the process of identifying and transitioning to a new chair. I will seek input over the coming weeks as part of my normal engagement with key stakeholders," Ullmer said.
The source: ASX announcement
