Coates Hire appoints new CEO amid restructure talks


Fraser takes top job following Byrne's resignation last month

Coates Hire appoints new CEO amid restructure talks
Jeff Fraser

 

Equipment rental company Coates Hire has promoted Jeff Fraser to the role of chief executive officer following the departure of Michael Byrne.

Fraser, who was the former chief financial officer of the company, beat four other candidates to land the top job.

"Jeff’s broad business experience includes a well-developed commercial acumen across a wide range of industries, including services and infrastructure," the company states.

"Prior to joining Coates Hire Jeff spent six years with Downer EDI where he held the position of chief financial officer – specialist services.

"This preceded various senior positions Jeff has within Downer EDI group.

"Jeff held roles with Tabcorp and Nemmco as well as various roles within BHP in both the US and Australia."

The appointment comes as the company battles ongoing financial challenges that have bulked up to take the shape of a major debt crisis in the past one year.

Starting with a decline in the mining boom in Western Australia, the company has seen loans being divested and earnings fall since early 2015.

Earlier this year, Hong Kong-based debt trader SC Lowy offloaded sticky loans worth $20-40 million at an asking price of around 72 cents per share.

The company is jointly owned by the Carlyle Group and the Seven Holdings Group.

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