AGL Energy chief Michael Fraser has signalled his intention to retire as the company’s managing director and CEO, ending a 30-year career at the energy gentailer, and eight years at the company’s helm.
AGL announced the news in an ASX release on Wednesday, saying Fraser planned to leave the company by 30 June 2015, having decided the time was right to step down.
Fraser has been the only head of a major utility in Australia to actively support the deployment of renewable energy in Australia. AGL remains the largest single investor in large scale renewables in Australia, and Fraser was chairman of the Clean Energy Council.
However, two major deals – the purchase of the Loy Yang A brown coal power station (the country’s biggest single emitter) and the proposed purchase of the 4.5GW of black coal generation from the NSW government – signalled a massive turnaround in the company’s energy mix. Both purchases were justified on their ability to generate short term profits for shareholders.
“It has been an absolute privilege to lead the many great people at AGL and see the huge improvements we’ve made right across the business over the last seven years, ” Fraser said in a statement. “AGL has a bright future ahead of it but this is the right timing for me to retire from executive life.”
AGL chair Jerry Maycock said the board had begun the selection process for a new managing director and CEO for the company and would consider both internal and external candidates.
Maycock praised Fraser for his achievements at AGL, which he said included developing it into one of Australia’s leading vertically integrated energy companies.
“We will be sorry to see him leave, but absolutely respect his decision,” Maycock said, adding that Fraser remained “very committed” to AGL’s business for the remainder of his term, including overseeing the integration of Macquarie Generation if the acquisition proceeds.
