McKay to head Skilled

Skilled Group has recruited senior Asciano executive Angus McKay as its new managing director.

He will replace Mick McMahon, who announced in August he will stand down in January next year, after five years leading the labour hire and workforce services business.

Mr McKay has led the Asciano subsidiary Pacific National Rail since 2012, and also served as the group's chief financial officer for three years.

Before joining Asciano, he was chief financial officer at Foster’s Group.

Mr McKay will be paid a base salary of $1.25 million and will participate in a long-term incentive scheme, with the issue of performance rights tied to earnings per share and total shareholder return.

His package does not include a short-term incentive.

Asciano's share price has plummeted by more than half since mid- November, but Mr McMahon has played down the effect of lower oil prices on its business activity.

Skilled said last week that engineering and marine activity remained strong.

It follows the company refinancing more than $300 million of debt last week.

Skilled was down 4.3 per cent to $1.17 at the time of writing.