Brisbane-based rail giant, Aurizon (AZJ) has named Tim Poole, a leading fund manager and former chairman of rival rail and transport group Asciano (AIO), as chairman-elect to succeed John Prescott when he steps down from the company on September 1. Prescott has been chair of the company since 2010.
Poole was also appointed an independent non-executive director of the rail freight company effective on July 1, Aurizon told the ASX yesterday in a statement.
Poole became managing director of Hastings Funds Management in 2005 after 10 years with the company. He was CEO there until 2007. He started his career in 1990 at Price Waterhouse. He was formerly chairman of Asciano between 2007-2009. He is currently chairman of Australian Super’s investment committee, as well as a non-executive director of a number of listed groups including Newcrest Mining and Japara Health.
“Tim’s success in leading large institutional investment organisations reflects both his strategic insight and analytical skill as well as a strong focus on good corporate governance and creating value fo shareholders,” Mr Prescott said in the statement yesterday.
Fund managers though see the appointment as a response to concern from some shareholders about Aurizion’s need for a strong chairman with infrastructure experience who can take a cold hard look at the increasingly expensive and silly plan Aurizon has for an iron ore mine and rail network in WA with the Chinese steel giant Baosteel.
Aurizon shares dipped half a cent to $5.18.
AZJ 1Y – Tim Poole to chair Aurizon
