Origin Energy Limited
(ASX:ORG)has extended the contract of its managing director Grant King.
Origin says it has reached an agreement with Mr King to extend his service agreement and move it to an ongoing contract.
The contract can be terminated by either party on twelve months notice, or a shorter period if mutually agreed to by both parties.
Under the contract, Origin says Mr King will be paid a fixed remuneration of $2.5 million, which would be reviewable by the board annually.
The announcement may come as a welcome sign of stability, after the retirement of chairman Kevin McCann earlier this month.
Origin generated a net profit of $461 million in fiscal 2013.
