Macquarie Infrastructure Company (MIC) has promoted Richard Courtney to chief executive from president and chief operating officer of marine terminal operator International Matex Tank Terminals (IMTT), a portfolio company of the New York-based infrastructure investment firm.
Courtney will take over from James Hooke, MIC’s chief executive who was also serving as IMTT’s interim head since last July when Macquarie Infrastructure acquired the remaining 50 percent of IMTT it did not previously own for $1.03 billion. Hooke will continue to serve as IMTT’s executive chairman.
“Rick has been an effective leader of IMTT during the transition to our ownership of the business,” Hooke said in a statement. “He has worked very well with the MIC team and the new CFO of IMTT James May, to implement sensible change since we took control of the business,” he added.
As president and COO – a position he held for the past seven years – Courtney, who joined IMTT in 1982, oversaw day-to-day operations as well as acquisitions and business development for the company.
MIC acquired its initial 50 percent in the marine terminal operator in May 2006. When it acquired the remaining 50 percent last July, Thomas Coleman and James Coleman, members of the founding family and chief executive and chairman, respectively, resigned soon after.
Since then, MIC has implemented a number of business development and cost-cutting initiatives. “I’m pleased with the progress being made at IMTT and expect that we will continue to add resources to the team there as appropriate,” Hooke said.
IMTT is one of the largest independent bulk liquid terminals businesses in the US. It owns and operates 10 marine terminals in the US – the largest ones located in New York Harbour and on the Mississippi River – and is the part owner and operator of two terminals in Canada. The terminals handle a wide variety of petroleum grades, chemicals and vegetable and animal oils.
Based in New York, MIC owns, operates and invests in a diversified group of infrastructure businesses including a gas processing and distribution business, Hawaii Gas, Direct Energy, and MIC Solar. MIC also owns and operates Atlantic Aviation, an airport services business.