AGL Energy's (ASX:AGL) CEO resigns

Company News

by Melissa Darmawan

AGL Energy (ASX:AGL) announces Managing Director & CEO, Brett Redman has resigned after being in role for 2.5 years.

Current Chairman, Graeme Hunt has been appointed as interim managing director & CEO effective immediately and will step down as Chairman. Former Oil Search executive Peter Botten has been appointed as Chairman to start immediately.

The company said that the board believed he could not make a long-term commitment beyond the proposed structural separation announced on 30 March 2021.

 As a result, the board agreed it was appropriate to put in place alternative leadership arrangements now to facilitate the proposed structural separation.

Mr Redman said: “After almost 15 years with AGL, I am proud of the contribution I have made to growing Australia’s largest multi-product energy retailer, assembling Australia’s largest electricity generator and founding Australia’s largest renewable investment fund. I am also pleased to have established the case for the structural separation of the business. The timing of my departure will enable the leadership team to be established to execute upon the separation strategy and lead the business into its next chapter.”
Shares in AGL Energy (ASX:AGL) are trading 2.9 per cent lower at $8.80.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.