Michael Byrne has stepped down as chief executive of Australian rental company Coates Hire, replaced by chief financial offer Jeff Fraser.
Coates Hire confirmed that Mr Fraser would continue to pursue the company’s five-year strategy. It said that, following a tough year in 2016, it was well-positioned for 2017 and beyond.
Mr Fraser joined Coates Hire in July 2015 as a director and chief financial officer. He joined from Downer EDI, where he was chief financial officer for specialist services.
Coates Hire did not comment on the reasons for Mr Byrne's sudden departure.