Brett Redman’s departure concludes almost 15 years with the company, where he acted as CEO for the last two years.
In March, AGL Energy announced it would split its business into two entities with separate strategies. ‘New AGL,’ as it is being called, will be forward-facing and green, while ‘PrimeCo’ will continue as Australia’s largest and brownest electricity generator. The split came after mounting pressure about AGL’s poor environmental record and slumping fossil fuel assets. AGL is Australia’s biggest polluter, a title it is naturally trying to distance itself from.
The decision to split sparked controversy, apparently not only among the public but also internally. In a statement released this morning, AGL said: “Redman has advised the Board that he believed he could not make a long-term commitment beyond the proposed structural separation announced on 30 March, 2021. As a result, the Board agreed it was appropriate to put in place alternative leadership arrangements now to facilitate the proposed structural separation.”
Redman’s resignation as a Director is effective immediately, though he will remain available to AGL until the expiry of his notice period on 21 October, 2021.
AGL’s current Chairman, Graeme Hunt, has been appointed Interim Managing Director & CEO effective immediately and will step down as Chairman.
It will now be up to Hunt to lead AGL’s structural separation.
Non-Executive Director Peter Botten has been appointed as Chairman, also effective immediately.
“At the end date of his notice period, Mr Redman will receive benefits in accordance with the terms of his service agreement and AGL’s relevant incentive plans, under which he will be treated as a “good leaver” as defined in AGL’s executive remuneration framework,” AGL’s statement concluded.
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