AGL has made an abrupt announcement that its CEO and managing director Brett Redman has resigned, and his resignation will be effective immediately.
After 15 years with the company and two-and-a-half as CEO, Mr Redman advised the Board he believed he could not make a long-term commitment beyond AGL’s proposed structural separation announced on March 30 this year.
As a result, AGL says the Board has agreed it’s appropriate to put in place alternative leadership arrangements now, so as to facilitate the proposed structural separation.
Mr Redman’s resignation as a Director is also effective immediately, but he will remain available to the company until the expiry of his notice period on October 21, 2021.
AGL’s current Chairman, Graeme Hunt, has been appointed interim managing director & CEO effective immediately and will step down as Chairman.
Mr Hunt will lead AGL throughout the process of planning for the structural separation, which is continuing, and includes consideration of the appropriate long-term leadership of the two proposed new businesses.
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Non-executive director Peter Botten has been appointed as Chairman, also effective immediately.
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.”