The head of AGL Energy has announced his shock exit after almost 15 years with the company after the radical restructuring plan presented three weeks ago was published.
The former would become Australia’s largest multi-product energy retailer « leading the transition to a low-carbon future » while the latter would be the country’s largest electricity producer moving from coal to renewables « as the energy market evolves ».
PrimeCo would continue to operate the existing coal assets « until they are no longer needed or economically viable, and maintain AGL’s commitments not to extend their life or invest in new coal power, » said chairman and chief executive Brett Redman on Jan. March.
Then, on Thursday, AGL said Mr Redman had resigned – virtually immediately – and « believed he could not make a long-term commitment beyond the proposed structural separation ».
However, he would be « available » to the AGL until the end of his notice period on October 21.
Mr Redman said he was pleased to have substantiated the case for the structural separation of the business.
« The timing of my departure will allow the executive team to execute the separation strategy and move the company to the next chapter, » he said.
The current Chairman of AGL, Graeme Hunt, has entered as Interim Managing Director and Chief Executive and will lead the planning process for the restructuring, including reviewing the long-term governance of the two proposed new businesses.
The non-executive director Peter Botten, who led the oil exploration for 25 years, was appointed chairman.
They have been in a downward spiral for several years after dwarfing $ 27 in 2017.
When the restructuring was announced, Macquarie Research said AGL « is tapping the need for green » and described the move as « a breath of fresh air ».
Rating agency Moody’s Investors Service said the proposal could improve AGL’s overall business profile.
The restructuring was announced just hours before AGL discovered that the proposed Crib Point LNG terminal on Victoria’s Mornington Peninsula had been pushed back due to environmental concerns.
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