Origin Energy appoints a new CEO, its shares jump

Gas well blowout. China Photos/Getty Images

Origin Energy has gone with an internal candidate, Frank Calabria, to replace Grant King as CEO.

A short time ago, the energy company’s shares were up more than 5% to $5.40.

Calabria, currently CEO of Origin’s Energy Markets Business, will take up the job after Origin’s annual general meeting on October 19 when King retires.

Calabria joined Origin as CFO in 2001 and eight years later was appointed CEO of the Energy Markets business.

Chairman Gordon Cairns says the company’s short term focus is on accelerating debt reduction and improving returns.

The company has been selling assets, reducing debt and cutting costs in reacting to falling oil and gas prices. In the last 18 months the company has cut its workforce by 28% or 2500 people.

Origin posted a loss of $589 million in the 2016 financial year and didn’t pay a dividend.

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