AGL's Andy Vesey is gone

Ethan Miller/Getty Images
  • AGL chief executive Andy Vesey is leaving.
  • CFO Brett Redman is interim CEO.
  • An international search for candidates is underway.

Andy Vesey is leaving AGL, Australia’s largest electricity generator, after almost four years as CEO.

Brett Redman, currently AGL’s Chief Financial Officer, has been appointed interim CEO effective today while a search for a permanent replacement continues.

Vesey said: “It has been an honour to lead AGL — and a privilege to have had the opportunity to engage in the complex questions of the sustainable transformation of Australia’s energy sector over recent years.”

Earlier this month AGL announced a statutory net profit of $1.59 billion, up 194%, amid controversy over rising household electricity bills.

Vesey also clashed with the Federal Government over his plans to close the Liddell coal-fired power station in the New South Wales in 2022.

The Federal Government was to extend the operation of the power station or for AGL to sell it on. Vesey refused.

AGL Chairman Graeme Hunt says the board in recent months had increased focus on the development of internal candidates and on maintaining an active view of potential external candidates.

“As a result, a domestic and international search process including strong internal candidates is well progressed, and the Board has decided to take that process to the next step,” he says.

“That search will now enter a final phase to enable us to complete an appointment.”

Redman, the interim CEO, says he looks forward to continuing to implement AGL’s strategy while the board completes the succession process.

His fixed pay will be $1,050,000 while he is interim CEO.

He will also be entitled to receive an additional $100,000 for each month he acts as interim CEO.

Vesey will remain employed by AGL in an advisory capacity to the board until December 31.

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