Lendlease chief executive Steve McCann will retire in June.
Asia CEO Tony Lombardo (pictured, top) will replace him.
Colleagues Kylie Rampa, based locally, and the US leader, Denis Hickey, are reported to have contested for the role.
Mr McCann was chief executive for 12 years. He began with the diversified group in 2005.
Lendlease is expected to ramp up its delivery of residential-based urban renewal projects and continue to invest (story continues below).
It holds office, industrial and retail product and an engineering business working on the Victorian government’s $11 billion Melbourne Metro Tunnel initiative.
In December the company paid $584.6m for a quarter of Sydney’s 1 Farrer Place.
Lendlease also recently announced it would bring forward a second apartment tower at its One Sydney Harbour, in Barangaroo South.
Three months ago its finance head, Tarun Gupta, was named to replace Mark Steinart as Stockland’s chief.