Sydney Airport appoints new chief
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After a five-month search, Sydney Airport has announced that Geoff Culbert will be its next chief executive after Kerrie Mather steps down in January 2018. Culbert was previously chief executive of General Electric (Australia, New Zealand and Papua New Guinea), including its subsidiary GE Aviation, which is one of the world's largest suppliers of aircraft engines. He has held senior positions at GE Australia and globally since 2002.
Announcing the appointment, Sydney Airport chairman Trevor Gerber said Culbert ‘has strong and established relationships with many of Sydney Airport's key airline and business partners, and across all levels of government.' After 15 years in the job, Kerrie Mather's long-established relationships with governments, airlines, regulators and retailers will make her a tough act to follow, so it's pleasing to hear Culbert already has a few under his belt.
We don't expect the transition to a new chief to be disruptive, and Mather leaves the airport on a high note – international traffic was up a hearty 8% in the six months to June, with revenue up 8% and free cash flow up 15% (see Sydney Airport: Interim result 2017).
Management expects dividends of 34.5 cents to be paid in 2017, an increase of 11% on last year. The stock has risen 22% since we upgraded it to Buy in January and it trades on a forward dividend yield of 4.8%. With decent growth prospects and many competitive advantages, we're sticking with HOLD.
Note: The Intelligent Investor Growth and Equity Income portfolios own shares in Sydney Airport. You can find out about investing directly in Intelligent Investor portfolios by clicking here.
Disclosure: The author owns shares in Sydney Airport.
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