AGL Board appoints Andrew Vesey as new CEO

AGL Energy Limited (AGL) Chairman, Jeremy Maycock, today announced that Andrew Vesey will take over as Managing Director and CEO when Michael Fraser steps down next year. Mr Vesey’s appointment follows an extensive six month global search and selection process.

Mr Vesey has more than 30 years’ experience in the energy sector, including strategic and commercial leadership of large energy organisations. He has deep experience in working in complex regulatory and political environments.

He will join AGL after leaving his role as Executive Vice President and Chief Operating Officer of The AES Corporation (NYSE: AES), a global power generation utility company with businesses in 20 countries.

His skills and experience extend across the energy supply chain, including power development, generation, distribution and retail businesses. He is very well credentialled to successfully manage AGL’s diverse portfolio of assets and vertically integrated business, said Mr Maycock. His role at AES included chairing wholly owned subsidiary Daytona Power and Light, which operates competitive electricity retail businesses in Ohio and Illinois.

“Mr Vesey brings a strong understanding of generation technologies and operational excellence programs in a wide variety of generation types, including coal, gas, hydro, solar and wind. He also has experience in research, development and commercialisation of new technologies that are likely to shape the future of electricity markets. His experience in creating value in energy companies with evolving business models will be an advantage to AGL,” said Mr Maycock.

Mr Vesey will join AGL on 12 January 2015. Michael Fraser will step down on 11 February 2015 following the FY15 half year results announcement, after which time Mr Vesey will officially take over leadership of the Company.

Attached are details of Mr Vesey’s remuneration and other key aspects of his service agreement together with a brief career biography.

About AGL
AGL is one of Australia's leading integrated energy companies and largest ASX listed owner, operator and developer of renewable energy generation in the country. Drawing on over 175 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is taking action toward creating a sustainable energy future for our investors, communities and customers