Lendlease announces board changes effective Oct 26

LENDLEASE Global Commercial Trust Management which manages Lendlease Global Commercial real estate investment trust (Reit) JYEU : JYEU 0% announced changes to its board composition on Monday.

Tony Lombardo will resign as non-independent, non-executive director of the company with effect from Tuesday (Oct 26). He will also cease to be a member of the audit and risk committee.

This comes after Lombardo became global chief executive officer (CEO) of Lendlease Group in June this year. Outgoing group CEO Steve McCann retired from Lendlease's board on May 31 after spending 16 years with the group.

Justin Gabbani who is based in Singapore was also appointed as the group's Asia chief executive, taking over from Lombardo.

On Oct 26, Gabbani will also begin serving as a non-independent, non-executive director for the company and be appointed as a member of the audit and risk committee.

Gabbani was previously the company's Asia chief financial officer since 2016, and has been with the group since 2003. (see amendment note)

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Lendlease Global Commercial Reit fell 0.6 per cent or S$0.005 to close at S$0.875 on Monday, before the announcement was made.

Amendment note: Gabbani has served with the company since 2003 instead of 2009 as previously reported.