The Chief Executive Officer of AGL Energy, Andy Vesey, has stepped down after almost four years in the role, with an interim CEO appointed.
Brett Redman, who is currently the Chief Financial Officer (CFO), has stepped into the role of interim CEO. He has more than 25 years of experience in senior roles in Australian and North American industrial companies and has been with AGL since 2007.
Mr Vesey has stepped down from the AGL’s board and will remain employed by AGL in an advisory position to ensure a smooth transition until 31 December 2018.
Damien Nicks, who is currently AGL’s General Manager, Group Commercial Finance, has been appointed interim CFO.
AGL Chairman Graeme Hunt said the succession planning for the Managing Director and CEO is a matter of importance to the AGL Board at all times.
“Over recent months, we have increased our focus on the development of internal candidates and on maintaining an active view of potential external candidates,” Mr Hunt said.
“As a result, a domestic and international search process including strong internal candidates is well progressed, and the Board has decided to take that process to the next step. That search will now enter a final phase to enable us to complete an appointment.
“We thank Andy for his great contribution to AGL. At a time of considerable uncertainty in our sector, he has driven our transformation agenda to meet two key strategic imperatives: to prosper in a carbon-constrained future and build customer advocacy,” Mr Hunt said.
Mr Redman said AGL’s priorities for the coming weeks will continue to be the safe and reliable operation of the company’s assets, serving customers and listening to its shareholders.
“I have greatly enjoyed working alongside Andy to deliver our transformation agenda over the past four years and I look forward to continuing to implement AGL’s strategy while the Board completes the succession process,” he said.
Mr Vesey said he is proud of what the AGL team has achieved during his time with the company and looks forward to its continued success.
“It has been an honour to lead AGL – and a privilege to have had the opportunity to engage in the complex questions of the sustainable transformation of Australia’s energy sector over recent years,” he said.
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