BELLAMAN

In a move that could presage a strategic shift in one of the largest U.S. building firms, the Australian parent of Bovis Lend Lease has replaced Peter Marchetto, CEO of the New York City-based contractor since 2004. Named to take over operations in the Americas is Michael Bellaman, a 21-year Lend Lease veteran with a track record in real estate development in the U.S. and overseas.

Bovis says Marchetto’s departure was “a mutual decision,” but sources close to the firm say it came as a surprise to him and others and may be linked to growing difficulties on risky high-rise projects in Manhattan, Miami and elsewhere involving safety and scheduling.

MARCHETTO

Some industry officials speculate the CEO change may even signal a shift away from high-rise construction. A Bovis spokeswoman discounts that, but Bellaman has been CEO of Lend Lease’s retail and “communities” development business since 2005. That segment includes Actus Lend Lease LLC, its Nashville, Tenn., unit that is a major player in public-private development, particularly in U.S. military housing.

Marchetto could not be reached, and industry officials were unclear about his future industry plans. But they credit his leadership in steering Bovis through acquisitions and litigation, including a long-running court battle with the owners of the $1.6-billion Venetian casino in Las Vegas. Peers note his industry contributions. “He’s a class act,” says Richard Anderson, president of the New York Building Congress, a major city construction group of which Marchetto is a vice chairman and former treasurer.