Transurban's Scott Charlton will step down as CEO after 11 years behind the wheel of the toll road operator, which has also announced record half-yearly revenue.
The company, whose asset list spans Australia, Canada and the US and includes Sydney's newly-opened 33km WestConnex project, on Tuesday posted record toll revenue of $1.66 billion for the six months ending December 31.
Net profit was $55 million compared with a $106 million loss for the same period the previous year.
This comes as traffic volumes in the key markets of Sydney and Brisbane surged to record highs, exceeding 2.5 million trips in November off the back of the continued post-COVID economic recovery.
Despite raising guidance for its full-year dividend by four cents to 57c, Transurban's share price was steady in early ASX trading as investors reacted to the news of Mr Charlton's departure.
"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," chairman Craig Drummond said in a statement.
Since Mr Charlton's took charge of the group in 2012, Transurban has risen from mid-tier player to the ASX's biggest infrastructure company, growing its market capitalisation from $7 billion to $43.1 billion.
In that time, its portfolio has more than tripled from six assets to 22.
While the proliferation of toll roads has become a contentious issue in cities such as Sydney, where some road users are slugged more than $60 for their daily commute, Transurban's shareholders have reaped the rewards.
Mr Charlton, 58, will stay on until the end of 2023, while recruitment firm Russell Reynolds leads a search for his replacement.
"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.
However, challenges await, with the troubled Westgate Tunnel project in Melbourne set to open in 2025 after years of delays and costly contract disputes.
