* Founder and Managing Director John Clarke retires from full time executive duties at ICG
* Board and management transition reinvigorates ICG for next growth phase, ensuring stability of key personnel across Board and management positions
* Concurrent ownership changes in ICG enhances alignment of key personnel
* Transition follows recent strong fund inflows and investment performance
Specialist fund manager Infrastructure Capital Group Limited (ICG) has today announced Founder and Managing Director Mr John Clarke has retired from full time executive duties following a long and distinguished career with the company.
Mr Clarke retires after more than 14 years at the helm of ICG, which he founded as a joint venture with ANZ in 2000 as ‘ANZ Infrastructure Services’ (ANZIS). In 2009, Mr Clarke, as part of a consortium led by current Chairman Mike Fitzpatrick, acquired ANZ’s shareholding in ANZIS and renamed it ICG.
Importantly, Mr Clarke will continue as a Non-Executive Director of ICG in a part time capacity to ensure retention of corporate knowledge and a smooth transition for the new Executive Management Committee. The recently executed Board and management restructure is focused on furthering ICG’s commitment to excellence and achieving investment targets for its investors.
Specifically, the changes comprise current Executive Directors Mr Andrew Pickering and Mr Tom Laidlaw becoming Chairman and Managing Director of ICG respectively. Mr Mike Fitzpatrick will not only remain a director of ICG but will increase his day-to-day involvement as Chair of the Investment Committee.
Mr Clarke will continue his chairmanship of ANZ Stadium at Sydney Olympic Park and Mr Fitzpatrick will remain excluded from all matters pertaining to this asset.
Newly appointed Chairman of ICG, Mr Andrew Pickering said:
“John Clarke has been a pioneer in identifying emerging investment opportunities both domestically and internationally and has created significant value for ICG investors over many years.
“On behalf of the Board of ICG, I would like to thank John for his invaluable contribution to the company. He has been instrumental in the development of ICG from inception into one of Australia’s leading, independent infrastructure managers with over A$1.4 billion in equity funds under management.”
Concurrent with the Board and management changes, an ownership transition in ICG has also occurred. This has involved Mr Clarke reducing his interest in ICG to 10% and Mr Fitzpatrick and a number of key investment personnel increasing or initiating equity holdings in the company. This will ensure the stability of long serving and highly experienced investment personnel across key management positions.
Newly appointed Managing Director of ICG, Mr Tom Laidlaw said:
“The increased spread of equity ownership of ICG further aligns key personnel and investors in ICG’s funds as we embark on a new growth phase following strong new investment capital flows and investment performance.”
This is an exciting time for ICG as it seeks to further align itself with its investors achieving outstanding returns.