The firm had operated with a dual structure in which development and construction was in one arm and Real Estate Solutions and property investment was in another.
These divisions have now been merged under John Spanswick, the former head of the European arm of Real Estate Solutions. He will become head of Lend Lease's European region.
Ross Taylor, the former global head of Real Estate Solutions, once tipped to head Lend Lease outright, will move to Australia to head Lend Lease's Asian Pacific region.
The management reshuffle has led to doubts over the future of Les Chatfield, Bovis Lend Lease's chief operations officer.
A Bovis spokesperson said that although Chatfield remained director at Bovis, his role as chief operating officer was under review.
Greg Clarke, the overall head of Lend Lease, wants to reduce overheads by 30%. Clarke said last week: "We are working to establish a more appropriate, reduced cost structure."
The Bovis spokesperson said no decision had been taken on whether redundancies would be made in the UK.
The share price of Lend Lease, which is listed on the Australian stock exchange, reached an eight-year low recently and Australian analysts believe it will make an annual loss of about £147m. Results were due yesterday, after Building went to press.
Management changes have also been made at Morgan Sindall and Bouygues. Morgan Sindall has appointed Paul Smith, former group managing director at outsourcing firm Accord, as chief executive.
Bouygues has promoted Olivier-Marie Racine to be head of international construction in a shake-up of the construction arm's top management. The construction arm's two deputy chief executives, René Jacquot and Michel Cote, will concentrate on strategic leadership.