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Prime Mover Magazine

Toll moves to fix losses

Toll Holdings is taking action on its promised executive reshuffle, appointing a new Chief Financial Officer to help it return to profitability on the back of its $1.43 billion loss.

According to The Australian, Toll Holding has appointed former Treasury Wine Estates finances boss, Noel Meehan, as it s new CFO, effective September 20.

“Noel brings significant commercial acumen and leadership capabilities to Toll,” Toll’s Managing Director, Michael Byrne, told the newspaper.

“He will be pivotal in supporting our transformation program by providing a transparent, disciplined and highly focused approach to our financial reporting and building a high-performing global finance function.”

Toll Chairman, John Mullen, said in June that the company would be a painful three-year turnaround process after Japan Post reported ¥400.3 billion (A$4.8 billion) writedown on the Australian logistics business it bought in 2015.

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