Peter Watson, who had joined Transfield in 1983, was appointed as the Chief Executive Officer of the soon to be listed vehicle and played a major role in its formation, (together with Bruce James), and its selling to investors.
Outsourcing was an amazing growth story - particularly for Transfield Services. The company grew from one contract with Melbourne Water in 1992 to 60 contracts in 2001. By 2006 there were 13,000 employees, turnover was over $1.5 billion and the company was in the top 150 of the Australian Stock Exchange. The share price had risen at over 30% per annum for each of the 5 years since listing.