AGL demerger in doubt as investors query CEO exit Apr 27, 2021 â 12.01am Save Share The shock departure of Brett Redman as CEO of AGL Energy has fuelled speculation that the demerger plan he developed may have hit the rocks, with his exit giving space for top management to backtrack and adjust the strategy for the embattled electricity and gas supplier. Investors and analysts are still struggling to understand the circumstances around last weekâs sudden exit of Mr Redman â the architect of the demerger plan â which has plunged the countryâs biggest electricity and gas retailer into crisis. Some sources say that Mr Redman has effectively been pushed out of his job, despite the line spun by both him and the company last week. The board is said to have asked for a five-year commitment from Mr Redman to helm one of the demerged companies, knowing that he was unwilling to tie himself up for such a period of time as CEO of a smaller firm.
AGL Energy (ASX:AGL) share price hits 52-week low fool.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com.au Daily Mail and Mail on Sunday newspapers.
New AGL CEO lobbies for investor support afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
22 April 2021 AGL Energy CEO Brett Redman has announced he is stepping down immediately, just weeks after announcing new plans to split the assets of Australia’s biggest coal generator, and the country’s biggest emitter, in two. In a statement to the ASX on Thursday, AGL said that Redman made the unexpected decision to step down from the CEO and managing director roles after informing the board that he believed he could not make a long term commitment to the company after announcing the proposed split. Redman will remain available to AGL through to the end of his notice period, through to October 21, but will hand over responsibility for running the company immediately.
Energy boss in shock resignation The boss of coal-fired power giant AGL Energy has suddenly quit, just weeks after the company unveiled a radical plan to split the business. Business by Rebecca Le May 22nd Apr 2021 3:30 PM The boss of AGL Energy has announced his shock departure after almost 15 years with the company, following its radical restructure plan unveiled just three weeks ago. Late last month, AGL proposed splitting into two new businesses dubbed New AGL and PrimeCo . The former would become Australia s largest multi-product energy retailer leading the transition to a low carbon future while the latter would be the nation s biggest electricity generator, moving away from coal and towards renewables as the energy market evolves.