Ann: CEO Announcement, page-2

Very good that the uncertainty about who would take over from Mr Kim Lindsay has been resolved, especially since not much notice was publicly given by the family incumbent.

'Mr Market' dislikes vacant (or potentially soon unoccupied) CEO or CFO positions. ELD is one well known, long established company with a yet to be appointed replacement CEO and a longstanding vacancy for an official (rather than just acting) CFO): its share price has been crunched, although other reasons such as the impasse with the Western Australian live sheep trade and declines in livestock selling prices are also part of the mix it must confront.

It's pleasing that Mr McDonald can take up his post quite quickly, although LAU has had to pay extra for this.

Also great that he has a background in rail through listed AZJ, as LAU's greater emphasis on intermodal through its five-year agreement with rail operator Pacific National has been very profitable to date, and has allowed LAU to concentrate on larger volume clients and rid itself of some expensive-to-service smaller ones.

Although the new CEO's employment with Toll concluded 15 years ago, it shows that the gent has a lifelong commitment to working in logistics and transport.

Much better than throwing an inexperienced person whose speciality was another subsector in at the deep end.

The Australian economy faces challenges epitomised by yesterday's RBA cash rate rise. Economists mostly don't agree but I wouldn't rate it as impossible that more such rises occur due to persistent inflation. Eventually, this may reduce freight volumes but LAU has an expanding customer base thanks in part to the liquidation of Scott's Refrigerated Transport/Logistics.