Jerry Barag, chief investment officer at Lend Lease Real Estate Investments, Atlanta, and Marshall Woodward, head of separate accounts, were terminated. The actions, along with the termination of Chief Executive Officer Fred Pratt, are part of an executive shakeup announced after Australian parent company Lend Lease Corp., Sydney, said it was taking a $300 million writedown on its U.S. real estate business. The company manages $38 billion in U.S. real estate and commercial mortgages.
David Ross, global CEO of Lend Lease who moved to Atlanta from Australia last year, is assuming day-to-day control of the U.S. operation.
Mr. Barag said Mr. Ross wanted to get involved in the investment process and that the firm didn't need two people doing it. He also said he did not expect to be terminated, and his plans were uncertain.
Jonathan Miller, Lend Lease principal, said a decision has not been made about whether Mr. Barag will be replaced. Laler DeCosta, previously a portfolio manager at the firm, will be in charge of the separate accounts business.