Son takes over rich-lister dad’s $1.5bn construction empire
Queensland rich-lister Mick Power is handing over the reins of the billion-dollar construction company he founded more than 40 year ago to his son Scott.
Mr Power founded BMD Group in 1979 with his wife Denise building it into Australia's largest civil engineering, construction and design business with 1700 employees and revenue of $1.5 billion.
Its recent projects include the new parallel runway at Brisbane Airport and the inland rail being built from Melbourne to Brisbane.
Mr Power said it was now time to transition to new leadership in the business with a board renewal process underway. Mr Power was ranked 137th richest man in the country last year by the Australian Financial Review, with a fortune of $696m.
"Scott has worked alongside me at BMD for 25 years and has held a range of roles in the organisation both in Queensland and New South Wales," Mr Power said. "I have great confidence in his ability to lead as our new chief executive."
Mr Power said that at the start he and his wife often worked 12 hour-days, six days a week with the company making a profit of only $800 in the first year.
"If someone had told me when I stepped down from daily running of the business, we would employ more than 1700 people, I would have thought they were crazy," he said.
Scott Power said he was enormously proud of what his parents had achieved with many of the company's long-term employees crucial to its success.
"Our business today is much broader than our traditional subdivisional construction and transport infrastructure focus," said Scott Power.
Originally published as Son takes over rich-lister dad's $1.5bn construction empire