27 April 2010

The new Board of QR National was world class and would be a foundation block in helping set the business up for future success, QR Limited Chairman John Prescott said today.

Mr Prescott said today’s official announcement of the new nine-member Board was a key milestone in preparing the company for an IPO on the Australian Securities Exchange later this year.

QR National will be formed by the split of the current QR business with the Queensland Government retaining ownership of the passenger service business and assets, including ownership of the metropolitan rail networks in a new Government Owned Corporation called Queensland Rail.

All aspects of the current commercial operations including coal, freight, services and parts of network are being sold as a vertically integrated, multi-freight transport logistics enterprise to be called QR National.

“The new Board of QR National comprises some of the best business minds in the country,” Mr Prescott said.

“It is a strong mix of senior people with operational, technical, legal, financial and industrial experience.”

The new Board will comprise Russell Caplan, Andrea Staines, Gene Tilbrook, John Atkin, Graeme John as well as John Prescott, Lance Hockridge, Allan Davies and Peter Kenny.

“Allan, Peter, Lance and myself will bring knowledge and experience from the current QR Limited Board and management,” Mr Prescott said.

“This will be complemented by the unique business skills and experience of Russell, Andrea, Gene, John and Graeme.”

Mr Prescott said an extensive selection and recruitment program had been undertaken to get the best candidates for the QR National Board.

“QR National will potentially be a top 50 ASX company and will play a key role in shaping the future of the Australian rail sector,” he said.

“The outstanding calibre of this Board will ensure QR National is set up for success and will help provide the foundation for the business to grow into a world leader in the rail and transport logistics industry.”

Mr Prescott thanked all Directors of the current QR Limited Board for their service and work in improving the performance of the business.

“It is the hard work of these men and women that has allowed us to reach the stage that we have,” he said.

“Through a significant period of change and reform they have provided the platform to create two new successful companies for the future.”

Source: http://www.media.qr.com.au/news/mediarelease/10-04-27/QR_Chair_Welcomes_Board_Appointments.aspx?News=CntItem