One of Lendlease’s largest shareholders says the property giant is bureaucratic, arrogant and top-heavy, and has urged the company to offload its entire international business “not just for future success, but for its survival”. In a detailed, seven-page proposal to the Lendlease board, Tanarra Capital founder John Wylie said the $4.
3 billion company was “unfocused and overextended with multiple, often-unrelated activities spread across four continents”, and he called for Lendlease to exit international construction, which he dubbed a “disaster”. “It’s been a disaster … a business that has generated $33 in revenues since 2017 for only $170 of profits is simply unsustainable,” Mr Wylie wrote in the letter.Founded by Dutch immigrant Dick Dusseldorp in 1958, Lendlease has had an outsized influence on corporate Australi