Macquarie Atlas Roads (MQA) has picked a new chief executive to lead a new internal management team at the listed toll road operator.
Graeme Bevans (pictured) will steer the ship from 1 May, the company announced in a statement. He will take over from current CEO James Hooke, who took the reins briefly from Peter Trent in February.
Bevans, who was recruited from his current role as UK chief executive of Annuity Infrastructure, will need to appoint a brand-new management team and build out MQA operations independent of Macquarie Group.
MQA, one of the world’s largest toll road developers, has been under huge pressure from investors about the high fees paid to Macquarie Group.
It moved to internalise its management structure, previously dominated by Macquarie executives, in October 2017. Earlier this month it announced MQA’s name would change to Atlas Arteria.
Hooke will continue to perform the day-to-day management of MQA for at least another year and will be staying on in Macquarie Group after the transition.
Its too early to say whether the new management structure devised by the new boss will be pared back or enlarged, a source close to MQA said, but will be “appropriate to the need.”
Macquarie will continue to provide the full suite of services to MQA, it was confirmed in a statement.
Bevans also held senior infrastructure roles in US infrastructure investor Alinda Capital Partners, was Vice President, Head of Infrastructure at Canada Pension Plan Investment Board (CCPIB) and Manager, Head of Infrastructure Investment at Australian fund manager IFM Investors.
He will be a paid a fixed salary of AUD 1.1 million (USD 843,331) including superannuation plus other short and long term performance-based incentives capped at 150% of his salary, which Macquarie also made public alongside today’s media announcement.
The overhauled management structure and internalisation of MQA operations will be put to a vote of shareholders at the AGM on 15 May. If approved, the current management team will be terminated by May 2019.
“I know the MQA assets well and will hit the ground running. I am looking forward to working with the boards to build an internationally-respected executive team,” Bevans said in a statement.
“With the new team in place we will be focused on ensuring a smooth transition of the business to its new internalised management structure, while strategically reviewing the portfolio to add to the significant work already undertaken by Macquarie as manager.”