The former Transurban chief executive Chris Lynch has been named Rio Tinto's chief financial officer, to take over from Guy Elliott. Mr Lynch, a non-executive director of Rio since 2011, was chief executive officer at Transurban from 2008-12 and before that chief financial officer at BHP Billiton.
Profit up 34%
Chinese-owned Yancoal Australia plans to cut costs and raise coal production after posting a 34 per cent increase in full-year profit. Yancoal, which joined the local sharemarket last June after merging with Gloucester Coal, recorded a full-year profit after non-recurring items of $404.6 million, up from $301.5 million in 2011.
Call for help
Treasury Wine Estates wants government support to help rebuild Australia's reputation as a supplier of quality wine. The chief executive, David Dearie, said the strength of the dollar was making it hard to compete. Treasury reported a net profit for the six months to December 31 of $52.3 million, up 30.8 per cent. Excluding one-off items, profit fell 23.2 per cent to $45 million.
Lend Lease sale
Construction firm Lend Lease has sold its aged care business to private equity firm Archer Capital for $270 million, as it narrows its focus to property and building.