MIC Announces Executive Management Changes and Succession Plan
September 11 2017 - 5:15PM
Business Wire
- Christopher Frost appointed
President and COO, CEO-designate
- James Hooke to join Board of Directors,
step down as CEO in 2018
Macquarie Infrastructure Corporation (NYSE:MIC) announced that
Christopher Frost, 48, has been appointed president and chief
operating officer of the Company effective on or before October 31,
2017. James Hooke, chief executive officer of the Company, is
joining the MIC Board of Directors and plans to step down as CEO
early in 2018. The Company anticipates appointing Frost to the
position of CEO following Hooke’s resignation.
Commenting on Hooke’s achievements, Martin Stanley, chairman of
the board of directors of MIC, noted, “James’ strong leadership
enabled MIC to navigate some challenging waters, including through
the Global Financial Crisis and its aftermath, and to grow MIC both
organically and via numerous acquisitions into the vibrant,
successful operation it is today. We look forward to his continued
contribution to the success of MIC as a member of the board of
directors, but accept his desire to move back to Australia with his
young family where he will continue to work with Macquarie
Infrastructure and Real Assets (MIRA).”
“It has been an honor and a privilege to lead MIC these past
nine years and I’m very pleased to continue my involvement with the
Company as a director,” said Hooke. “While the decision to step
down is never easy, the needs of my extended family and a desire to
have my children be closer to them makes returning to Australia the
right decision. I’m confident that Christopher and the rest of the
MIC team will take what we have developed to this point and use it
as the foundation for even greater success in the years ahead.”
Frost has been with Macquarie for over 20 years and has served
since 2015 as MIRA’s Chief Commercial Officer. Prior to that, Frost
led major investments and divestments, including complex private
sales, public market takeovers, privatizations and co-investments
involving airports, aviation services, toll roads, ports, ferries
and marine services infrastructure.
Among his engagements, Frost led the acquisition of Sydney
Airport and advised the Ferrovial-led consortium on their takeover
of BAA plc. He also initiated the acquisition by MIRA of The
Portland Group, a UK-based boutique strategy consultant,
specializing in the commercialization and privatization of airports
around the world. Frost has served on the boards of various
Macquarie-managed entities including those of several European
airports.
“We are pleased to have someone with Christopher’s proven
leadership and business development track record heading MIC in the
next phase of its growth,” said Stanley. “We anticipate a smooth
transition of responsibilities to Christopher from James in early
2018 and continuity with respect to both strategy and operations of
the Company.”
“I’m fortunate to be joining the MIC team at a point when the
Company is performing strongly and continuing to evaluate exciting
growth opportunities,” said Frost. “MIC remains committed to
improving operations at its existing businesses and to the
deployment of available resources in the development and
acquisition of new sources of cash generation. I expect we will
continue to pursue the effective strategies which have contributed
to MIC’s growth.”
About MIC
MIC owns and operates a diversified group of businesses
providing basic services to customers in the United States. Its
businesses consist of a bulk liquid terminals business,
International-Matex Tank Terminals, an airport services business,
Atlantic Aviation, entities comprising an energy services,
production and distribution segment, MIC Hawaii, and entities
comprising a Contracted Power segment. For additional information,
please visit the MIC website at www.macquarie.com/mic. MIC-G
MIC is not an authorized deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The
obligations of MIC do not represent deposits or other liabilities
of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not
guarantee or otherwise provide assurance in respect of the
obligations of MIC.
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version on businesswire.com: http://www.businesswire.com/news/home/20170911006229/en/
MICInvestorsJay A. Davis, 212-231-1825Investor
RelationsorMediaMelissa McNamara, 212-231-1667Corporate
Communications
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