Nick O’Neil appointed Lendlease CEO with $4.5 million equity sign-on

Experienced Real Asset Leader Takes Helm

Lendlease (ASX:LLC) has named Nick O’Neil as its new Group Chief Executive Officer and Managing Director, effective 10 September 2026. O’Neil steps in following Tony Lombardo’s departure, who will exit by 30 June 2026 after nearly two decades with the company and five years as CEO.

O’Neil arrives with a heavyweight resume, boasting over 25 years of global experience spanning investment strategy, mergers and acquisitions, governance, capital markets, and real asset management. His leadership roles at AustralianSuper and Macquarie Group across Australia, the US, and Latin America have cemented his reputation for steering complex portfolios and aligning capital with strategic growth.

Strategic Reset and Leadership Transition

The appointment comes at a pivotal juncture for Lendlease, which has recently completed a significant strategy reset and portfolio simplification. Chairman John Gillam highlighted O’Neil’s ability to simplify complexity and drive execution as critical to the company’s next growth phase. Until O’Neil’s arrival, interim leadership will be shared by Group CFO Andrew Nieland and Group CIO Penny Ransom, ensuring continuity during the transition.

O’Neil’s current role as Head of Australian Real Assets at AustralianSuper involves oversight of a diverse portfolio including residential property, airports, toll roads, logistics, energy, telecommunications infrastructure, and data centres. His board experience extends to entities such as Sydney Airport and Vantage Data Centres Europe, underpinning his governance credentials.

Remuneration Package Reflects Market Expectations

Reflecting the seniority of the role, O’Neil’s remuneration package includes a fixed annual salary of $1.8 million (inclusive of superannuation), complemented by short-term and long-term incentive targets of 40% and 60% of fixed pay respectively. Notably, he will receive a $4.5 million sign-on award paid in Lendlease securities, vesting over three years, with the grant price based on the 20-day VWAP prior to contract signing.

The employment agreement allows for termination with 12 months’ notice by either party, with a 12-month post-employment restraint clause. The Board retains discretion over future incentive awards and any shareholder approvals required.

Next Steps for Lendlease’s Growth Ambitions

O’Neil’s arrival signals a clear intent to build on the foundations laid by Lombardo, who oversaw major asset divestments and strategic repositioning. With the company navigating a challenging market environment marked by recent capital recycling efforts and a statutory loss earlier this year, O’Neil’s expertise in capital alignment and portfolio management will be closely watched as Lendlease seeks to revitalise and strengthen its market position.