AGL appoints Patricia McKenzie chair in board overhaul

Energy and fuel big AGL has appointed a brand new chair and overhauled its board after abandoning long-held demerger plans to separate its coal-fired energy stations from its retail arm.

Present director Patricia McKenzie, at present the chair of NSW Ports and the Sydney Desalination Plant, has been elevated to board chair, changing Peter Botten who resigned after the de-merger plan was derailed by tech billionaire Mike Cannon-Brookes.

AGL mentioned in its assertion that former chair of the Clear Vitality Council, Miles George, can even be part of the board as a non-executive director, following a seek for a director skilled in supply of renewable vitality tasks.

Chief government Graeme Hunt, who additionally resigned within the wake of the de-merger collapse, will end his position on September 30, with chief monetary officer Damien Nicks changing into interim CEO.

AGL’s new chair Patricia McKenzie.Credit score:Arsineh Houspian

In a press release to the ASX on Monday, AGL mentioned the appointments got here as the corporate ready to announce the outcomes of a strategic overview.

AGL launched the overview this yr Cannon-Brookes compelled the board to desert its long-held plan to separate off its emissions-intensive coal-fired energy stations from its retailing and renewable vitality property through a controversial demerger.

Cannon-Brookes, the co-founder of software program firm Atlassian and a outstanding clean-energy investor, amassed an 11 per cent stake in AGL and launched a profitable push to persuade different shareholders to reject the proposed demerger, which he argued would create two smaller entities with much less capability to spend money on accelerating AGL’s exit from coal.

The appointment of a brand new chair comes days after former Tabcorp and Healthscope chairman Paula Dwyer withdrew her nomination for the place after a revolt from shareholders, together with opposition from Cannon-Brookes.

McKenzie, who was beforehand the chair of Important Vitality and a director of APA Group, AEMO, Macquarie Technology and Transgrid, thanked the outgoing members for his or her work.

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