The Board of Toll Holdings has announced that Brian Kruger will be the company’s new Managing Director as on 1 January 2012. Since the announcement in October 2010 that Paul Little AO was planning for retirement, the international search has been on to find his replacement.
Mr Kruger has been with Toll for the past two years as CFO and has over 25 years of experience with the world’s largest miner, BHP, and Australia’s largest steelmaker, Bluescope.
“Being chosen to lead the Toll team is a real honour. Toll is one of Australia’s great international success stories and to now have the opportunity to lead over 40,000 skilled logistics professionals across 55 countries is very exciting. Paul has built an exceptional company over his 25 years as MD and I look forward to taking Toll through its next stage of development,” said Mr Kruger.
“When I was invited to apply for the CFO role two years ago it was clear the Board was already putting in place a range of options for successors to Paul. For me, having had two years now to see the company from the inside will be invaluable in leading the team through our next series of challenges and opportunities,” he concluded.
“The Board congratulates Brian on his appointment,” said Toll Chairman, Ray Horsburgh AM. “He has an outstanding business pedigree and will be a highly capable successor to Paul. He has demonstrated his capability in operational and financial roles in Australia as well as internationally. Brian is extremely well regarded at all levels of Toll for his management style which combines good process with strong values.
“The Board took the strategic decision two years ago to increase the bench strength of the internal executive ahead of Paul’s departure. Brian’s appointment as CFO, along with the creation of six operational division heads across the Group, is a clear demonstration of that strategic approach.
“Toll’s culture is unique and hugely successful. The Board recognised that strength by bringing into the senior executive team such an experienced and rounded external leader.
The two years Brian has been at Toll have given him the best possible starting point for his MD role. He is the candidate with external experience and internal understanding. The Board looks forward to working closely with Brian to deliver strong and sustainable results in the years ahead,” Mr Horsburgh added.
Paul Little AO was also pleased with his appointment. “I am thrilled that the Board has taken this decision. Brian is a superb executive, a particularly effective leader of people and the right person to head up the company at this time.”
Mr Horsburgh added, “During his time as MD, Paul has grown Toll from a small domestic trucking business with turnover of $16 million and 95 employees, to a global company with annual revenue of around $8 billion.
“The Board is deeply appreciative of the contribution that Paul has made to Toll as MD since the management buyout in 1986 and the company’s listing in 1993. We are extremely pleased that Paul is willing to continue to contribute to Toll when he rejoins the Board as a non-executive director sometime after the 2012 AGM.”
Toll Holdings will soon begin its search for a new CFO. Head of finance for the Global Resources Division, Grant Devonport, will be acting CFO from 1 September.
