Macquarie Atlas Roads will be renamed Atlas Arteria once it has separated its management from the Macquarie Group.
The toll road operator, which demerged from Macquarie Infrastructure Group in 2010, has fleshed out its previously announced management plans and is searching for a new chief executive after James Hooke opted to stay with Macquarie Group.
Mr Hooke has led the US-listed Macquarie Infrastructure Corporation and only succeeded Peter Trent as MQA chief executive in February.
MQA’s executives are paid by Macquarie Group in exchange for management fees, the size of which had prompted some shareholders to push for the split.
Macquarie Group will remain manager for 12 months after MQA’s May 15 annual general meeting on its existing terms of a fee worth 0.85 per cent of the toll road operator’s market value.
It will then provide ‘transition services’ for about another six months for a fee of $750,000 per month.
MQA board chairs Nora Scheinkestel and Jeff Conyers said Macquarie has co-operated fully with the split.
‘(We) believe that this outcome is beneficial and in the best interests of MQA security holders,’ they said in a statement.
‘We look forward to continuing this co-operative spirit as we work towards a smooth transition.’