Macquarie Infrastructure Corporation chief executive James Hooke plans to step down in early 2018 after nine years leading the firm.
Hooke is expected to be replaced by Christopher Frost, who has been the chief commercial officer for Macquarie Infrastructure and Real Assets since 2015. Frost was appointed president and chief operating officer of MIC, the firm announced this week, and will assume those positions by the end of October.
Hooke will join MIC’s board of directors while working with MIRA from the firm’s Sydney office. Hooke joined Macquarie in 2007 from Fairfax Media, a Sydney-based newspaper publisher where he served as a managing director. Prior to Fairfax, he worked at Bain & Company, a Boston-based consultancy. In May 2009, Hooke was appointed to MIC’s top position.
Hooke said his decision to step down as MIC’s chief executive stemmed from his desire to move back to Australia to be close to his extended family. MIC is headquartered in New York City.
Frost has worked for Macquarie for more than 20 years, the firm said, leading the firm’s acquisition of the Sydney Airport in 2002. Frost has also led co-investments involving toll roads, ports and marine infrastructure.
A wholly owned-subsidiary of the Sydney-based Macquarie Group, MIC’s portfolio includes airport services, bulk liquid terminals and energy and power assets. The firm’s market capitalisation stands at $6.2 billion.