Ruckstuhl joined Lendlease in 2005 and, according to the company, “has been instrumental in establishing the group as a leading real estate company in Italy in the investment, development and construction segments.”
In a statement, Ruckstuhl said that throughout his time with the company he had been “hugely inspired by the incredible talent, commitment to our customers and the partnership mentality that permeates every corner.”
He added: “I am honored and excited by the opportunity to lead the Lendlease European team into the future, not only as a leader in delivering exceptional and sustainable sites, but also in driving greater profitability for customers and security holders as we become an investment-led real estate company.”
Lendlease Global chief executive Tony Lombardo said: “Having held a number of leadership roles at Lendlease since 2005, Andrea will continue the important work in progress as we transition to a more agile and investment-led company that delivers sustainable results for our security holders.
“Andrea has been fundamental to the success of Lendlease in Italy. This includes helping us secure Milan’s game-changing MIND precinct with the Italian government, including the onboarding of CPP Investments and project partners, as well as advancing the development of Milano Santa Giulia through the introduction of our equity partner , PSP Investments.
“Andrea’s new position as European CEO will leverage her knowledge, experience and stakeholder management skills across our company in Europe. I’m also looking forward to Andrea’s contributions to our global leadership team, which she joins today.
“I would like to thank Neil Martin for his contribution to Lendlease over many years and his commitment to achieving a seamless leadership transition over the coming months.”
The news comes after Lendlease Europe reported an annual pre-tax loss of £230m in April.
This included £114m earmarked for repair work following the building’s post-Grenfell security crisis. However, the company said much of this was inherited from its acquisition of Crosby Homes in 2005 and it no longer owned the 56 buildings affected.
The Europe division’s loss was largely blamed on global group Lendlease reporting losses of A$141m (£74m) in the first half.
Lendlease was one of 11 developers who initially missed the deadline to sign the government repair contract agreeing to fix high-rise buildings it had worked on for the past 30 years. It was registered just over a week later.
