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Aurizon names new Chairman

Aurizon train on Queensland Rain Network. Photo: Aurizon

Rail operator Aurizon has announced who will replace John Prescott as its chairman.

The company’s board announced on Wednesday that Tim Poole will formally become a director of Aurizon on July 1, and will assume the chairmanship on the retirement of the present Prescott on September 1.

“Tim brings proven, highly relevant and impressive credentials to the Board of Aurizon,” Prescott said.

Poole’s appointment follows Aurizon’s decision last year to form a Nomination and Succession Committee to evaluate the Board’s future requirements, develop a new strategy for Board renewal and a timetable for succession including the orderly transition to a new chairman.

Poole began his career in 1990 at Price Waterhouse helping build Hastings Funds Management between 1995 and 2007. He became managing director in 2005.

Poole is currently chairman of the investment committee of AustralianSuper, chairman of infrastructure debt investor Westbourne Capital and chairman of Lifestyle Communities Limited.

He is also a non-executive director of Newcrest Mining Limited, McMillan Shakespeare Limited and Japara Healthcare Limited.

He was formerly chairman of Asciano Limited (2007 to 2009) and formerly a non-executive director and treasurer of Victorian Racing Club Limited (2006 to 2014).

“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 for shareholders,” Prescott said.

“The smooth transition to a new chairman reflects our plan to ensure we have the right calibre of leadership around the Board table and within the business, and that we have the right balance of skills, experience, diversity and operational capabilities to implement our strategy.”

“I am delighted to be joining Aurizon as it enters the next stage of development” Poole said.

“The Company has transformed in the last decade under John’s leadership. I am looking forward to working with the Aurizon team to deliver value for shareholders.”