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Qube chairman Corrigan shipping out

AAP logoAAP 24/11/2016 Lilly Vitorovich

Stevedoring industry veteran Chris Corrigan has announced he will retire as chairman of Qube Holdings, saying the time is right as the logistics group enters a new phase.

Mr Corrigan told Qube shareholders at the group's annual general meeting on Thursday that he will retire during the current financial year, and hand over the reins to Qube director Allan Davies.

Mr Corrigan, who shot to prominence as head of stevedoring firm Patrick during the 1998 national waterfront dispute, said it was an appropriate time for a change of chairman at Qube following the joint acquisition, with Brookfield Infrastructure Partners, of Patrick Terminals in August 2016.

"The Patrick investment will be an important component of Qube's long term earnings and extend the company's supply chain capabilities to national container ports enhancing our ability to deliver efficient logistics solutions to our customers," Mr Corrigan told shareholders.

Mr Corrigan - who was appointed Qube chairman in March 2011 - and Mr Davies will work through a transitional program, which is expected to be completed by June 2017.

Another major development for the company was concept plan approval for the Moorebank Intermodal project in South Western Sydney, where work has commenced.

Mr Corrigan also announced that he will stay on as a Patrick director for a more "extended period" as the acquisition is wrapped up.

The 70 year-old businessman will also remain executive chairman of Australian agribusiness group Webster, in which he holds a large stake.

Qube's acquisition of the remaining 50 per cent of Australian Amalgamated Terminals was approved on Thursday by the nation's competition regulator.

Qube already owns 50 per cent of AAT and is buying the remaining 50 per cent stake from Brookfield and a group of global investment funds.

All resolutions at Thursday's AGM, including the reelection of directors Mr Davies and Alan Miles as well as the remuneration report, were overwhelmingly approved by shareholders.

Qube shares closed unchanged at $2.36.

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