After a quarter of a century at the head of Toll Holdings, Paul Little and the board have confirmed they are commencing an orderly succession to a new managing director. It is anticipated that this transition will be completed around January 2012.
Paul Little has agreed to return to Toll as a non-executive director after “an appropriate period”, which has not as yet been determined.
Toll chairman Ray Horsburgh said: “Paul has expressed a keen interest to remain involved with the company after transitioning from his executive role and we view this as a very positive step. I am also confident the market would view Paul’s return favourably given his vast knowledge of the business and the intellectual property he possesses.
“Paul’s orderly transition is particularly timely given the board has recently formulated the company’s five year strategic plan. A new managing director will bring fresh focus to the company as we move through the five year performance challenges outlined in this plan,” Mr Horsburgh said.
The board has appointed Egon Zehnder to undertake a comprehensive global search for the managing director role and will consider both internal and external candidates. Mr Little said the new candidate will need to have a global focus and continue the company’s aggressive growth strategy, both organic and by acquisition.
“By early 2012 I will have had 26 years as the chief executive at Toll. I am passionate about the company, the nature of the business, the people and its culture. I would love to do this job forever but of course that’s not possible and after consideration it is clear this is the ideal time for a changeover at the top,” Mr Little said.
“I am committed to Toll’s future and look forward to overseeing a smooth transition to new leadership. I also intend to retain my equity in Toll and therefore also look forward to continuing as one of Toll’s largest shareholders.
“I am extremely confident that the highly competent senior executive team currently working alongside me are well equipped to continue the success of the last two decades.
“This process is entirely consistent with the strong Toll culture. Indeed it will underline the company’s long-term stability and continue its focus on strong growth within the global logistics industry.”
“The strength of the current management team reflects an effective implementation of our succession strategy; a strategy that has also enabled the expansion of our global business with the consolidation of our outstanding domestic presence,” said Mr Little.