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LEND LEASE CEO SAYS FIRM MUST MOVE ON AFTER LOSSES.
SYDNEY, June 2 Asia Pulse - Lend Lease Corp Ltd (ASX:LLC) chief executive Greg Clarke has urged the firm to move on from the disappointment of its second $US300 million writedown for the year.
Mr Clarke said last week Lend Lease would quit the US and some European Real Estate Investments (REI) operations and forecast internal job losses of up to 600 within the group's core businesses.
"We enjoy success and hate failure - and this is failure - but we have got to move on from it," he told Channel Nine's Business Sunday.
"We have got to put it behind us, rebuild our morale and start delivering for our shareholders."
Mr Clarke said it was difficult to say where the company had gone wrong in its global push, which incorporated the sale of MLC to National Australia Bank in 2000 for $A4.7 billion ($US3.05 billion).
The controversial sale was believed to be partly motivated by a desire to accelerate the global Real Estate Solutions (RES) and Real Estate Investments (REI) business strategy.
"I think what I would criticise about the strategy is that it wasn't tested before it was implemented," Mr Clarke said.
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Source: HighBeam Research, LEND LEASE CEO SAYS FIRM MUST MOVE ON AFTER LOSSES.