Lendlease Appoints AustralianSuper’s Nick O’Neil as CEO to Lead Growth Phase
Lendlease appoints AustralianSuper’s Nick O’Neil as new CEO
Lendlease Group has appointed Nick O’Neil as Group Chief Executive Officer and Managing Director, effective 10 September 2026. The appointment represents a pivotal leadership transition as the property and infrastructure group moves beyond its restructuring phase and into what the Board describes as the “next phase of revitalising and strengthening Lendlease.”
Outgoing CEO Tony Lombardo will step down on 30 June 2026, with Joint Interim CEOs Andrew Nieland (Group Chief Financial Officer) and Penny Ransom (Group Chief Investment Officer) leading the company until O’Neil commences. The transition arrangements ensure operational continuity during a critical period in Lendlease’s transformation journey, as the company seeks to capitalise on portfolio simplification work completed under Lombardo’s leadership.
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Who is Nick O’Neil?
Nick O’Neil brings over 25 years’ global experience across corporate and investment strategy, mergers and acquisitions, governance, capital markets, and real asset management. His background positions him to lead a focused Lendlease into its next phase of growth and value creation.
Currently serving as Head of Australian Real Assets at AustralianSuper, O’Neil oversees a portfolio of investments spanning:
- Residential property
- Airports
- Toll roads
- Logistics projects
- Energy and telecommunications infrastructure
- Data centres
Board positions:
- Non-executive director, Indara
- Non-executive director equivalent, FIBRA Macquarie (Mexican listed REIT)
- Non-executive director, Sydney Airport
International experience:
- 17 years with Macquarie Group across the United States and Latin America
- Chief Financial Officer of NYSE-listed Macquarie Infrastructure Corporation
- Head of Americas Real Estate
- Head of Brazil for Macquarie Infrastructure and Real Assets
- Head of Mexico for Macquarie Infrastructure and Real Assets
O’Neil’s institutional investor perspective from AustralianSuper, combined with his large-scale real asset portfolio management experience, directly aligns with Lendlease’s core operations in property development, construction, and infrastructure investment.
What does a CEO do for a listed company?
The Chief Executive Officer and Managing Director role in an ASX-listed company combines strategic leadership with operational accountability. The CEO sets the company’s strategic direction, oversees the execution of business plans, and serves as the primary interface between the Board of Directors and operational management.
In this capacity, the CEO is accountable to both the Board and shareholders for the company’s performance. They lead the executive team in delivering on strategic objectives, make critical capital allocation decisions, and represent the company to investors, clients, and other stakeholders.
CEO appointments are treated as material announcements to the market because leadership directly impacts strategy execution, capital allocation decisions, and ultimately shareholder returns. CEO transitions rank among the most significant corporate events as they can signal strategic shifts and influence investor confidence in the company’s direction.
Chairman outlines rationale for appointment
Lendlease Chairman John Gillam framed O’Neil’s appointment as the right leadership for the company’s current phase. With the strategy reset, portfolio simplification, and foundational work now in place, the Board believes O’Neil is ideally positioned to lead execution and growth rather than restructuring.
John Gillam, Lendlease Chairman
“With our strategy reset, portfolio simplification and foundations firmly in place, Nick is ideally positioned to lead the next phase of revitalising and strengthening Lendlease.”
Gillam highlighted O’Neil’s track record of “simplifying complexity through decisive action” to achieve strong results, describing this capability as “exactly what Lendlease needs” at this juncture. The Chairman also emphasised O’Neil’s alignment with Lendlease’s focus on delivering projects and investments with clients at the centre.
The Board’s messaging explicitly signals that the transformation groundwork is complete. O’Neil’s mandate centres on execution and growth, not further restructuring, marking a clear shift in strategic priorities for investors to monitor.
Remuneration structure signals alignment with shareholders
O’Neil’s remuneration package is similar in quantum to the current CEO’s package, with a structure designed to align his interests with long-term shareholder value creation.
| Component | Target/Amount | Details | Vesting |
|---|---|---|---|
| Fixed Remuneration | $1,800,000 p.a. | Including superannuation | Annual review |
| Short Term Award (STA) | 140% of fixed | Performance-based | Subject to Board discretion |
| Long Term Award (LTA) | 160% of fixed | Performance-based | Subject to Board discretion |
| Sign-on Award | $4,500,000 | Granted in LLC securities | Three equal annual tranches |
The sign-on award will be granted in Lendlease securities, with the grant price determined by the volume weighted average price (VWAP) of LLC securities traded on the ASX over the twenty trading days prior to the contract signing date. The award vests annually in three equal tranches, ensuring O’Neil’s interests remain aligned with share price performance over the medium term.
The heavy weighting toward the at-risk LTA component (160% of fixed remuneration) aligns O’Neil’s interests with long-term shareholder value creation. Participation in future STA and LTA awards remains subject to Board discretion and any necessary shareholder approvals.
The employment agreement includes a 12-month notice period for either party and a 12-month post-employment restraint provision.
O’Neil’s statement on joining Lendlease
O’Neil described joining Lendlease as a privilege, emphasising the company’s technical capability and the opportunity to deliver services and investment opportunities with clients at the centre.
Nick O’Neil
“I join Lendlease at a pivotal moment in its transformation with significant progress already made and a clear ambition for what comes next.”
O’Neil highlighted the breadth and depth of Lendlease’s technical capability as “broad, deep and unique,” expressing enthusiasm about working with what he described as world-class capability to deliver the services and investment opportunities clients are seeking. He noted his focus on creating long-term value for both clients and shareholders.
Transition arrangements in place
Interim leadership team
Joint Interim CEOs Andrew Nieland (Group Chief Financial Officer) and Penny Ransom (Group Chief Investment Officer) will lead Lendlease following Lombardo’s departure until O’Neil commences on 10 September 2026. Both executives will support the transition to the new CEO.
Chairman John Gillam acknowledged Lombardo’s contribution, noting he “led the embedding of the refreshed strategy, driven a major simplification of the Group, and progressed the largest and most complex asset divestments.” The departure date was mutually agreed in light of key actions progressed within the business and the announcement of the new CEO.
The experienced internal leadership ensures operational continuity during the transition period, with no leadership vacuum as the company moves between CEOs. Nieland’s financial expertise and Ransom’s investment management background provide complementary skill sets to maintain strategic momentum during the interim period.
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What this means for Lendlease investors
The appointment of Nick O’Neil completes the leadership piece of Lendlease’s transformation, with the Board explicitly messaging that foundations are in place for the next phase. Investor focus should now shift from restructuring to execution under new leadership.
O’Neil’s institutional investor background at AustralianSuper may bring enhanced capital discipline and stakeholder alignment to Lendlease’s operations. His experience managing a diversified real assets portfolio across residential property, infrastructure, and data centres directly mirrors Lendlease’s core business lines.
The Board’s clear delineation between the restructuring phase (completed under Lombardo) and the growth phase (to be led by O’Neil) provides investors with a framework for assessing performance expectations. The timing of the appointment, coinciding with portfolio simplification milestones, suggests the company believes it is ready to shift from defensive positioning to value creation.
Portfolio simplification milestones have come at a material cost, with the May 2026 sale of the Milano Santa Giulia North development rights generating a post-tax operating loss of approximately $175m, illustrating the price Lendlease paid to exit commercially challenged international positions and reset its asset base.
O’Neil’s track record of aligning strategy, capital, and execution to drive performance improvement in complex, large-scale portfolios will be tested as Lendlease seeks to deliver on its refreshed strategy and capitalise on the streamlined portfolio structure now in place.
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