Patricia McKenzie, a member of the AGL Energy Board of Directors, succeeds Peter Botten. She becomes the new president of AGL, which is undergoing an overhaul after it abandoned plans to separate its coal-fired generation unit from its retail energy unit.
An appointment that causes debate
Mike Cannon-Brookes, the major shareholder, does not like the appointment of Patricia McKenzie. The climate activist then puts pressure on AGL. It requires a transformation of the company’s strategy, and therefore of the board of directors. The latter has won his case: AGL will present its new strategy within the month.
Grok Ventures has reservations about the appointment of Patricia McKenzie. According to the company, AGL would have been better off looking for a successor to Peter Botten outside the company, with extensive experience in renewable energy. She comments:
“Grok again emphasizes that the new board needs independent, fresh thinking.”
AGL shares fell 2% on Monday.
Patricia McKenzie to head AGL
Patricia McKenzie is an experienced woman. She is president of New South Wales Ports. In addition, she has worked as a director of the APA Group, a natural gas operator. Finally, she was a member of the Australian Government’s National Energy Reform Council.
She is looking forward to her new position and is setting clear goals:
“The company has been through a period of significant change and uncertainty, and I am stepping into the role of president to provide clear direction and experienced, stable leadership as we redefine our energy portfolio and deliver on the results of the strategic direction review.”
In addition to the appointment of Patricia McKenzie, AGL announces the departure of its CEO, Graeme Hunt. He will leave his position on September 30. In the meantime, Damien Nicks, CFO, will be interim CEO.
