Finance director to take helm at Lend Lease

Lend Lease has named its finance director Steve McCann as the new CEO of the Australian-based property group. McCann will formally take over as group managing director from current CEO Greg Clarke in early 2009 following a transition period.

The company said Clarke had recruited McCann three years ago as a potential successor. McCann has more than 15 years’ experience in property, first in his capacity as an investment banker advising a number of large Australian property companies. He joined Lend Lease in September 2005 as global CEO of the Investment Management business before moving to the post of group finance director in March 2007.

Lend Lease announced in August 2007 it was launching a global search for a replacement for Clarke, who had given a 5-7 year commitment to Lend Lease when he was appointed in December 2002. Lend Lease is Australia's largest property developer and one of several large Australian listed property trusts with significant activities in the UK and Europe.

In common with its peers, Lend Lease has experienced its share of ups and downs recently. The company is involved in the prestigious development of the Olympic Village in London for the 2012 Games but the global financial crisis has hampered attempts to raise the £1 bn (EUR 1.1 bn) in funding required.

Lend Lease's plan to earn 25% of its profits this year from selling assets has also been hit by the lack of transactions and the worsening economic conditions globally. The company has over AUD$9.3 bn (EUR 4.57 bn) of assets under management and a market capitalisation of AUD$ 2.63 bn. But its Australian-listed shares have lost 60% of their value in the last year. The stock stood at AUS$ 7.10 on Wednesday.