Transurban eyes life after CEO Scott Charlton with poaching of ANZ CFO Michelle Jablko

The former investment banker is expected to become a potential successor to Transurban boss Scott Charlton.

ANZ chief financial officer Michelle Jablko will move to Transurban. Picture: supplied

Transurban has headhunted ANZ chief financial officer Michelle Jablko to join its executive ranks and become a potential successor to chief executive Scott Charlton as the toll-road giant prepares to play a key role in the nation’s infrastructure-led recovery from COVID.

The former investment banker, who spent almost five years with ANZ after stints at UBS and Greenhill Australia, will join Transurban some time early in the new year as its chief financial officer.

“We are delighted that Michelle will be joining Transurban Group and I believe that with her leadership, capabilities and experience she will make a significant contribution to the Transurban business,’’ Mr Charlton said on Tuesday.

Ms Jablko will be one of five women on Transurban’s 10-member executive committee after accepting an offer to join the toll road company following a global search conducted by executive search consultant Russell Reynolds Associates to replace former Transurban CFO Adam Watson, who left in mid-November to join the APA Group.

It is understood Ms Jablko, who was not actively looking for another role when she was approached by Russell Reynolds, was attracted to Transurban’s growth agenda after the Melbourne-based toll road group has issued $11bn of equity and debt instruments in the past six years for a string of acquisitions in NSW, Queensland and North America.

Transurban last week reaped $2.8bn from the sale of a 50 per cent stake in its network of American toll roads to three superannuation funds — AustralianSuper, UniSuper and the Canada Pension Plan Investment Board (CPP) — giving it a significant war chest for local and offshore acquisitions and new road projects.

These could include buying 49 per cent of Sydney’s WestConnex toll road it does not already own from the NSW government.

Transurban has also been short-listed to build and operate the Maryland Express Lanes project outside Washington DC.

The group reported a $111m annual net loss in fiscal 2020 compared with a $171m statutory profit a year earlier as its network of toll roads was hit by COVID lockdowns in Australia and America.

Ms Jablko is expected to be one of a number of internal candidates to eventually replace Scott Charlton, who has been Transurban CEO for nine years.

In May, Transurban hired AGL executive Simon Moorfield to run its customer and technology business. He was formerly the Executive General Manager Future Business & Technology and Chief Information Officer at AGL.

Hugh Wehby also joined Transurban from Sydney Airport in October 2020, where he was the Chief Operating Officer for more than three years.

Transurban chairman Lindsay Maxsted has announced that he expects to stand down in late 2021 or early 2022, which means Mr Charlton is unlikely depart in the near term.

While new ANZ chairman Paul O’Sullivan is likely to begin looking at potential successors to ANZ chief executive Shayne Elliott in the year ahead, the bank’s institutional boss – Mark Whelan – is viewed as the most likely internal candidate to get the top job.

Mr Elliott said he respected Ms Jablko’s decision and wished her well in the new role.

“Michelle can be incredibly proud of all she has achieved at ANZ. As a highly strategic CFO, she has transformed our finance function while also being instrumental in the simplification and strengthening of the organisation,” he said.

“She will always remain a good friend of the bank and I personally thank her for her considerable contribution over the past four and a half years.”

Ms Jablko said it was an “incredibly tough decision” to make the move to Transurban but that she was looking forward to working in a completely different industry.

ANZ general manager of internal audit Shane Buggle will act as interim chief financial officer while an internal and external search is conducted.