Australia's AGL Energy appoints board member Mackenzie as chairman

Australia’s AGL Energy appoints board member Mackenzie as chairman

The logo of AGL Energy Ltd, Australia’s No. 2 electricity retailer, adorns their headquarters building in Sydney, Australia February 8, 2017. Photo taken February 8, 2017. REUTERS/David Gray/File Photo

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September 19 (Reuters) – AGL Energy (AGL.AX) said on Monday that board member Patricia McKenzie will replace Peter Botten as chairman as part of a major overhaul after the electricity producer abandoned plans to spin off its coal-fired power plant from its retail business.

AGL is set to lay out plans for a new strategy later this month after succumbing to the urging of its main shareholder, tech billionaire and climate change activist Mike Cannon-Brookes, to force the company to speed up the shutdown of its coal-fired power plants. read more (https://reut.rs/3S3IPMz)

McKenzie is currently chairman of New South Wales Ports and has also served as a director of natural gas operator APA Group. (APA.AX) and Member of the Australian Government’s National Energy Reform Council.

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The appointment comes just months after Cannon-Brooks, through its investment firm Grok Ventures, blocked the AGL split plan and forced Botten and AGL chief executive Graham Hunt to resign. (https://reut.rs/3S3IPMz)

The Australian company said outgoing CEO Hunt will end his job on September 30, with Chief Financial Officer Damien Nix appointed as interim chief executive.

The process for appointing a new CEO is progressing as planned and we have a short list of candidates from Australia and other countries, the company said.

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Reporting by Upasana Singh and Navia Mittal in Bangalore; Edited by Devika Shyamnath and Sherry Jacob-Phillips

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