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Article: Why David Higgins had to go.
- Article from:
- Australasian Business Intelligence
- Article date:
- May 24, 2002
CopyrightCOPYRIGHT 2002 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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May 24, 2002 (The Australian Financial Review
ABIX via COMTEX) -- Lend Lease has a history of losing its CEOs in strange circumstances. In the late 1980s, it became clear that Lend Lease was over-reliant on its Australian operations. In 1995, the then CEO, John Morschel, was sacked in favour of David Higgins. In May 2002, Higgins suffered a similar fate. During the first years of his tenure, Higgins had impressive achievements. Lend Lease acquired a UK construction group, Bovis, and sold MLC. However, profit downgrades, courtesy of its underperforming North American Real Estate Investment business, angered investors. In May 2002, Lend Lease's chairwoman, Jill Ker ...