The most experienced corporate executive in the retirement living sector, Tony Randello, has given up his role as Managing Director of the largest village operator in Australia, Lendlease, and will take up the position of CEO of the second largest operator, Aveo, in January.
This is a major win for the residents of Aveo. Brookfield is a property investment company while Randello is a committed village sector veteran with a reputation for placing residents first.
Perhaps as a mark of respect for his value and the role he plays in the sector, having taken up the Aveo offer, we understand he will continue at Lendlease for another three months.
Kylie Rampa, CEO Property at Lendlease, says:
“After 15 years with Lendlease, Tony Randello, Managing Director for our Retirement Living business has decided to leave.
“Tony has played an integral part in turning the Retirement Living business into a well-diversified portfolio of Retirement Villages, now one of the largest in Australia.
“I would like to thank Tony for his leadership and outstanding contribution to the business.”
The 46-year-old Randello has been with Lendlease for 15 years and been Managing Director – Retirement Living for nearly 4 years.
Previously he was Head of Mergers and Acquisitions – Retirement Living, and General Manager – Retirement Living.
He has been a leader in the evolution of Lendlease from a mid-level village operator under the ‘Retirement by Design’ brand with eight villages, moving up to buy Babcock & Brown Communities in 2008 in the GFC, which gave them the Primelife and Fini villages with approximately 5000 ILUs.
They then mopped up the Becton/Retirement Alliance villages followed by most of the Prime Trust villages – all out of GFC receivership and done at half book price or less.
In the process they acquired 31 aged care homes which they carved out to sell to the private equity firm Archer, creating Allity.
Through this journey Randello played significant roles in the sector leadership and is today Vice President of the Retirement Living Council.
Neither Brookfield or Lendlease are making further comment at this time.
Randello will remain a resident of Melbourne, with Aveo’s HO being in Brisbane. He managed the same with Lendlease’s HO being in Sydney.