October 28 - Toll Holdings Ltd has confirmed its managing director Paul Little will step down after a quarter of a century at the company, but will remain on the board as a non-executive director, with the logistics firm planning to replace him by January

Toll, which has become one of the largest transport and logistics businesses in Asia through dozens of acquisitions, has appointed executive search firm Egon Zehnder to undertake a global search to fill the position, and said it will consider both internal and external candidates.

Toll Group Chairman Ray Horsburgh AM said, "Paul is one of Australia's most respected business figures. Since the management buyout in 1986 Paul has driven Toll to the global leadership position it occupies today. "The current Board has discussed and is pleased that Paul has agreed to return to Toll as a non-executive director after an appropriate period. Paul has expressed a keen interest to remain involved with the company after transitioning from his executive role and we view this as a very positive step. I am also confident the market would view Paul's return favourably given his vast knowledge of the business and the intellectual property he possesses."

Little added: "By early 2012 I will have had 26 years as the chief executive at Toll. I am passionate about the company, the nature of the business, the people and its culture. I would love to do this job forever but of course that's not possible and after consideration it is clear this is the ideal time for a changeover at the top.

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