Sydney Airport is looking for a new chairman after the long-serving Max Moore-Wilton announced he will step down at the company’s annual general meeting in May.
The company said on Thursday a search for a new board member was underway, with a new chairman to be announced “in due course”.
Moore-Wilton has been on the board of the company since 2003 and oversaw the airport’s privatisation. He is also vacating the chairman ship of Southern Cross Media Group.
A long-time adversary of Moore-Wilton, the shadow minister for infrastructure and transport Anthony Albanese, issued a one-word media statement on the news that the Sydney Airport chairman was retiring: “Good.”
Meanwhile, Sydney Airport reported earnings growth of 6.1 per cent for the 12 months to December 31 2014 amid more international passengers, increased retail and aeronautical revenues and cost control initiatives.
“2014 continued the growth and momentum across all of Sydney Airport’s businesses as we continue to successfully deliver our strategy that focuses on growing distributions for investors,” Sydney Airport chief executive Kerrie Mather said in a statement on Thursday.
The company posted earnings before interest, tax, depreciation and amortisation (EBITDA) of $948.3 million for calendar 2014, compared with $893.6 million in the prior corresponding period.
Sydney Airport declared a distribution of 23.5 cents per stapled security and guided the market to a calendar 2015 distribution of 25 cents per stapled security.