- Transurban Group’s (TCL) Chief Executive Officer and Executive Director will depart the company at the end of 2023 after nearly 11 years in the role
- During Scott Charlton’s tenure he saw the company grow to become an ASX 20 listed entity, while increasing the company’s market capitalisation by more than five times to over $43 billion
- Scott Charlton will continue to lead Transurban Group until a new CEO commences, ensuring a smooth transition
- The news comes as the company reported record results for the December half year, with traffic increases and inflation lifting toll prices
- Transurban Group is up 0.61 per cent to trade at $14.12 at 10:48 am AEDT
Transurban Group’s (TCL) Chief Executive Officer and Executive Director has announced his intention to depart the company at the end of 2023 after nearly 11 years in the role.
During Scott Charlton’s tenure he saw the company grow to become an ASX 20-listed entity, while increasing the company’s market capitalisation by more than five times to over $43 billion.
During the past decade, Mr Charlton and his team initiated, developed, and acquired some of the “most important” road infrastructure projects in Australia and North America. These projects included the WestConnex, NorthConnex, Queensland Motorways, and I95 Express Lanes, expanding Transurban’s assets from six to 22, with average concession length spanning roughly 28 years.
“Scott has been a visionary in the industry and the board would like to acknowledge Scott for his strategic drive and outstanding leadership of Transurban over the past 11 years,” Chair of Transurban Craig Drummond said.
“These projects have supported economic growth and delivered meaningful travel benefits including safety for road users.”
Mr Charlton told investors he was proud of his achievements during his time with the company.
“Traffic is now exceeding pre-COVID levels with iconic assets becoming operational, while a strong balance sheet continues to position the company for ongoing growth,” Mr Charlton said.
“I am confident in Transurban’s future.”
The news comes as the company reported record results for the December half year, with heavy traffic and inflation lifting toll prices.
The group reported record proportional toll revenue of $1.66 billion, while total revenue topped $2 billion. The company’s EBITDA hit $1.07 billion and net profit for the half came in at $55 million – a significant improvement from the loss of $106 million reported this time last year.
Transurban attributed the result to record traffic in Sydney and Brisbane, plus freight and weekend travel.
“Our roads have benefitted from freight volumes which achieved an all-time high, ongoing traffic growth in our core markets,” Mr Charlton said.
The company will pay a first-half dividend of 26.5 cents per share.
The company has now launched a global search for the executive’s replacement. Scott Charlton will continue to lead TCL until the new CEO commences, ensuring a smooth transition.
Transurban Group was up 0.61 per cent to trade at $14.12 at 10:48 am AEDT.