AGL Energy Confirms The Appointment Of Its Interim CEO As Permanent

Interim CEO Brett Redman will take the helm of AGL Energy Limited on a permanent basis from the very beginning of 2019.

In the market release dated 18 December 2018, AGL Energy Limited (ASX:AGL) announced the appointment of Mr. Brett Redman as a Chief Executive Officer and Managing Director of the company on a permanent basis, effective from 1 January 2019.

Mr. Redman has been serving as an interim CEO of AGL Energy since 24 August 2018, following the role of Chief Financial Officer of the company from 2012 to 2018. But now after today’s announcement, his role as CEO of AGL Energy Limited has been shifted from interim to fixed.

During the four months of the interim period, the Board has closely observed the manner in which Mr. Brett Redman led the business, and it was really impressive, said Chairman Graeme Hunt. He added the company’s interim CEO had demonstrated enormous energy and commitment to the culture and performance of AGL that eventually led to his appointment for the permanent role of AGL’s CEO.

Mr. Brett Redman joined energy provider AGL in the year 2007. He holds more than 25 years of executive level experience in blue-chip industrial companies across North America and Australia.

AGL Chairman, Graeme Hunt confirmed that Board has gone through a strong international and domestic search process before coming to the unanimous decision of Mr. Redman’s appointment.

No term has yet been fixed for the service agreement between AGL Energy and Mr. Brett Redman, but the remuneration of AGL’s new CEO has been outlined to $1,650,000 per annum inclusive of superannuation contributions.

Amid the organizational restructuring process, the company also commenced a search process for its new Chief Financial Officer. However, till then, Damien Nicks has been reported to continue with the role of interim CFO, appointed in August 2018.

Recently, the company revealed the departure of its Chief Customer Officer Melissa Reynolds with effect from 30 November 2018. The reason for the exit has been explained as Ms. Reynolds intentions to pursue other interest. Following Melissa Reynolds departure, AGL’s General Manager Mark Enzinger was appointed as interim Chief Customer Officer.

Moreover, Director Belinda Hutchinson left the 8-year held the position from AGL’s Board on her retirement effective 12 December 2018. Mr. Hunt stated that the search process to fill the vacancy created by Belinda’s retirement on Board is underway.

With the announcement of AGL’s decision to continue with interim CEO as permanent CEO, AGL Energy Limited surged up on the Australian Securities Exchange. At the time of writing, 18 December 2018 (1:18 PM AEST), AGL’s share price is up 0.101% or $0.020 to trade at $19.820. The stock is currently trading at a PE of 8.180 x with a market capitalization of $12.99 billion. Moreover, in the past 12-months, the stock price has plunged by 19.94%, but since the past three months, it is trading on higher levels. That translates an increase of 2.27% over past 3-months and 7.61% in the past one month.

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