Three AGL board members, including current Chief Executive Officer, Graeme Hunt, have or will soon retire in coming months, in board changes made ahead of the company’s review of its strategic direction, expected to be announced in late September 2022.
Three board members, Chairman Peter Botten AC, Non-Executive Director, Diane Smith-Gander AO, and Graeme Hunt have or will soon retire from their positions on the AGL board of directors.
Current board member and chair of NSW Ports and the Sydney Desalination Plant Group companies, Patricia McKenzie, has replaced Peter Botten as board chairman, whose resignation was effective from 19 September 2022.
Ms McKenizie was previously the Chair of Essential Energy, a director of APA Group, AEMO, Macquarie Generation and Transgrid, CEO of the Gas Market Company, a key participant in the Council of Australian Government’s National Energy Reform, and Chair-elect of AGL Australia.
“The company has been through a period of significant change and uncertainty, and I am stepping into the Chair role to provide clear direction and stable experienced leadership as we redesign our energy portfolio and deliver the outcomes of the review of strategic direction,” Ms McKenzie said.
Also effective from 19 September is the appointment of former Chair of the Clean Energy Council and adviser to the AEMC and AEMO on the energy transition, Miles George, who now holds the position of Independent Non-Executive Director.
Chosen for his experience in renewable energy project delivery, Mr George is the third such appointment in just twelve months, joining ESG and energy transition specialist Vanessa Sullivan and long-term international energy executive Graham Cockroft.
“Mr George’s appointment as Non-Executive Director will enhance AGL’s renewable energy credentials and leadership to help drive further the deployment of renewable and firming technologies required for the decarbonisation of AGL’s energy portfolio” Ms McKenzie said.
“We are delighted to welcome Miles to the Board and look forward to working with him.”
Replacing Mr Hunt will be AGL’s current Chief Financial Officer (CFO), Damien Nicks, who will serve as Interim CEO from 30 September when Mr Hunt is expected to retire from the position.
Mr Nicks’ current position will then be occupied by Finance and Energy Executive, Gary Brown, serving as interim CFO.
Mr Nicks will serve in the role until such time as a new CEO is appointed, with AGL indicating it has already developed a current shortlist of Australian and global candidates.
“Damien Nicks has been at AGL for nine years and knows the business and the challenges and opportunities ahead,” Ms McKenzie said.
“We are confident that he, together with the management team, can deliver on the findings of the review of strategic direction that frames the future of AGL and determines the best way to deliver long term shareholder value for all shareholders in the context of the company’s new direction and Australia’s energy transition.”
Joining AGL in March 2013, Mr Nicks has been the company’s CFO since August 2018, bringing with him 27 years of experience with deep energy and broad multinational experience across a number of sectors including logistics, industrial and professional services.
While acting in the position of Interim CEO, Mr Nicks will receive an additional monthly payment of $62,500 (pro-rated for any partial month). His current contract, as recently outlined in AGL’s 2020 annual report, will otherwise be unchanged.
