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Macquarie Infrastructure Company has promoted Richard D. Courtney, who is president and chief operating officer of its International-Matex Tank Terminals (IMTT) subsidiary, to the role of chief executive officer (CEO).
James Hooke, chief executive officer of MIC, had served as interim CEO of the business since MIC's acquisition of IMTT in July of 2014 and will continue to serve as IMTT's executive chairman. Courtney's appointment is effective immediately.
James Hooke commented:
"Rick has been an effective leader of IMTT during the transition to our ownership of the business. 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 and we're pleased that he has agreed to take on the role of chief executive officer."
Richard D. Courtney, added:
"I'm pleased to assume the responsibilities of chief executive officer of IMTT and grateful for the support of the fine people associated with IMTT and with MIC. We have a great heritage to build upon here at IMTT and a bright future ahead of us. MIC is well capitalized and has been very supportive of growth since assuming full ownership of IMTT."
Courtney joined IMTT in 1982. In his role as president and COO, Courtney has overseen day-to-day operations as well as acquisitions and business development for IMTT for the past seven years. He also serves on the board of directors of IMTT subsidiary OMI Environmental Services Inc., as well as the boards of Newfoundland Transshipment Limited and DM Petroleum Operations Company.
In addition to his responsibilities at IMTT, Courtney is active in civic and professional organizations, including having served as a member of the Business Council of New Orleans and the River Region, and the Methanol Institute, as chairman of the New Orleans Society of CPAs Bank and Bankers Committee, as a member the Board of Directors of Longue Vue, and St. Martin's vestry. He is a member of the AICPA and the Louisiana Society of CPAs and a variety of business organizations.
Since completing the acquisition in July 2014 of the 50% of IMTT it did not previously own, MIC has implemented a number of business development and expense reduction 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," noted Hooke. "In addition to providing on-site executive management at IMTT, this appointment will allow me to focus my time and attention on the numerous growth initiatives underway across the MIC portfolio."