TransGrid CEO Paul Italiano has announced he will step down from the position at the end of the month, following a five-year tenure at the head of one of Australia’s largest network infrastructure companies.
Italiano’s resignation comes as the company prepares to make significant investments in new transmission infrastructure and shortly after the company launched a spin-off focused on energy infrastructure innovation.
In a statement, Italiano praised TransGrid’s employees but did not say what had prompted the resignation.
“TransGrid is filled with incredibly talented people, who are highly dedicated and committed to ensuring the vital role transmission plays in Australia’s electricity system is delivered with excellence,” Italiano said.
Italiano took on leadership of TransGrid following its privatisation by the NSW government in 2016 in a deal worth more than $10 billion.
The company has been responsible for a number of significant network infrastructure projects and is leading the development of new projects, including HumeLink and the EnergyConnect transmission network upgrades that will support the development of Renewable Energy Zones.
TransGrid announced in May that it had formally committed to the EnergyConnect project, which will see it invest $1.8 billion in new poles and wires that will connect new wind and solar projects across New South Wales and South Australia.
TransGrid also recently announced the formation of Lumea, a spin-off business that will focus on the development of new network and energy infrastructure to support the creation of Renewable Energy Zones in New South Wales.
Lumea will take on the management of the New England network infrastructure project and the Wallgrove Grid Battery in Western Sydney, while TransGrid will retain ownership of the spin-off.
It follows the sudden resignation of AGL CEO Brett Redman earlier in April. Redman stepped down after announcing a similar split to the AGL business, which will see the company’s fossil fuel assets craved out into a separate business to be called Accel Energy.
Chair of the TransGrid board, Jerry Maycock, thanked Italiano for his contributions to the company.
“The Board is grateful for the contribution Paul has made to TransGrid and more broadly to Australia’s energy system,” Maycock said.
“During his tenure Paul transitioned the business from public to private ownership at a time of unprecedented external change. We thank Paul for his vision and leadership as CEO and the Board wishes him well in the next phase of his already successful career.”
TransGrid’s Executive General Manager, Brian Salter, will act as the company’s CEO while its board undertakes a recruitment process.