APA (ASX:APA) Group Chairman Michael Fraser has today announced that APA’s long serving CEO and Managing Director Mick McCormack has advised the Board of his intention to retire from the role no later than 31 December 2019.
He took over as CEO and Managing Director in 2005.
Over that time APA Securityholders have enjoyed compound annual total securityholder return of 14.9 per cent making APA one of the ASX’s top performing entities.
The Board has commenced a selection process for a new Managing Director and CEO and while the development of internal candidates has been a priority over the last few years, the Board will also consider external candidates for the role. Mick has confirmed that he will lead APA until his successor has commenced in the role to ensure a smooth transition.
Shares in APA (ASX:APA) are 1.35 per cent lower at $8.79.