AGL Energy boss steps down

AGL Energy CEO Andy Vesey

AGL Energy managing director and CEO Andy Vesey has announced he will step down after almost four years in the role.

Mr Vesey has stepped down from the AGL Board, but will remain employed with the company until December 31 to ensure a smooth transition.

“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.

“I am proud of what the AGL team has achieved during those years and I am now looking forward to observing AGL’s continued success.”

AGL’s current chief financial officer (CFO) Brett Redman has been appointed as interim CEO effective today.

Mr Redman joined AGL in 2007, has been CFO since 2012, and has more than 25 years’ experience in senior roles in blue-chip industrial companies in Australia and North America.

AGL’s current general manager of group commercial finance Damien Nicks has been appointed interim CFO.

AGL chairman Graeme Hunt thanked Mr Vesey for his “great contribution” to the company.

“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,” he said.

“He leaves the company in a robust financial position from which to continue to lead investment in our transitioning industry and in our long-term growth.

“Brett is a highly experienced executive who has distinguished himself as our CFO and has a deep knowledge and understanding of the business and the industry.

“Under his leadership, we have every confidence that it will be an orderly transition as we finalise the CEO search.”

Mr Hunt said succession planning for the managing director and CEO was a matter of key importance to the 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.”