Chris Lynch (right) will become the chief executive of Transurban Group, the Australian-based toll road developer. Kim Edwards will step down as managing director and chief executive on 4 April and Lynch will take over on the same day, thereby completing the transition that began in August last year when Edwards announced his retirement after more than a decade in the role.
Transurban has interests in six major assets in Australia, one in the US and another under development in the US. In December, Virginia DOT announced that it had reached an agreement with the Fluor-Transurban Consortium for the US$1.4 billion financing, design, construction, operation and maintenance of the new Capital Beltway high-occupancy toll (HOT) lanes on Interstate 495 in Northern Virginia (see: Virginia’s US$1.4 billion deal for HOT lanes).
Edwards joined Transurban in 1994 to lead the successful bid for the CityLink project in Melbourne and spearheaded the development of the group into new toll road opportunities in Australia and North America. He was named managing director and chief executive in 1996 after the group was listed on the Australian Securities Exchange with a market value of US$436 million (A$500 million). Its current market value is more than US$6.1 billion (A$7 billion).
Lynch has 20 years of experience in the development and delivery of major projects. He was chief financial officer at BHP Billiton for five years and then ran its iron ore, coal and manganese businesses for two years.
“Kim Edwards took this group from small beginnings to Top 50 status on the Australian stock exchange, and a global platform for further growth,” says Lynch. “My task will be to lead the team that builds on that platform. I am delighted that the board has put its trust in me.”
Left: Kim Edwards led the bid for Melbourne's CityLink project (photograph courtesy and copyright Transurban Limited)
20 February 2008
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