Asciano farewells Rowsthorn, welcomes Mullen

Founding MD shown the door as rail and ports group searches for shareholder value

By Rob McKay | February 7, 2011

Asciano’s founding Managing Director, Mark Rowsthorn, has been replaced, with former DHL Express Global Chief Executive John Mullen taking over on Valentine’s Day.

The move comes four years after Asciano was spun off from Toll Group - along with the debt Toll Managing Director accumulated for the purchase of Patrick Stevedores - and less than 18 months after the Global Financial Crisis brought the firm to its knees.

"John will lead Asciano into its next phase with his significant industry experience and proven track record," Asciano chairman Malcolm Broomhead said of Mullen, who had 10 years at TNT Group and eight years at Deutsche Post before going to DHL.

No official reason was given for Rowsthorn’s departure but observers will have read between the lines of the praise for Mullen.

Broomhead noted that the "availability of a person of John’s calibre and skill set provides shareholders with the comfort that the company will be in good hands going forward".

He added that: "With John’s strong background in the logistics industry and Asciano’s fresh management team in place, the company is in a good position to pursue its strategic vision and deliver value for shareholders.

Mullen’s basic pay will be $1.8 million and he will receive a signing-on fee of $675,000 for having resigned other directorships, and $2.04 million in securities under a long-term incentive plan.

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