Appointment of permanent Managing Director & Chief Executive Officer and Chief Financial Officer
AGL Energy Limited (AGL) today announced that following a comprehensive domestic and global search process, the Board has appointed Damien Nicks as Managing Director & Chief Executive Officer, effective immediately.
AGL's Chair, Patricia McKenzie, said the Board had unanimously determined that Damien Nicks is the best person to lead AGL as it undertakes one of the most significant decarbonisation initiatives in Australia.
“The Board has been particularly impressed by Damien's leadership of the business, including his role in championing AGL's new strategy and his commitment, vision and fresh approach to accelerate the energy transition and to deliver value for AGL's customers and position AGL for future growth.
“Damien's leadership, deep energy expertise and project delivery experience in complex and large organisations is well established and he has the strong support of AGL's employees, as well as other key stakeholders.”
Mr Nicks joined AGL in March 2013 and was Chief Financial Officer from August 2018, prior to becoming interim Chief Executive Officer on 1 October 2022. He has 27 years' experience with significant energy, customer and multinational experience across a number of sectors including logistics, industrial and professional services.
Mr Nicks said: “It is an honour for me to be appointed Managing Director & Chief Executive Officer of AGL at this important time in AGL's history as we accelerate the transition of both our customer and generation portfolios to an integrated low carbon energy leader.”
“I'm excited to lead this great organisation and I'm looking forward to getting on with the job of implementing our new strategy for a sustainable future in line with shareholder and community expectations.”
The key terms of Mr Nicks' employment arrangements are summarised in the Attachment (PDF).
AGL also announced today that Gary Brown has been appointed Chief Financial Officer on a permanent basis, effective immediately. Mr Brown joined AGL in January 2022 as CFO-elect for Accel Energy from ENGIE and held ASX-listed CFO positions prior to joining AGL. Mr Brown led the review of strategic direction process and has acted as interim Chief Financial Officer since 1 October 2022.
Patricia McKenzie noted “These appointments complete the Board and Management renewal process that the Board commenced in May 2022. AGL now has nine experienced Non-Executive Directors and a strong management team that are aligned and focused on accelerating AGL's decarbonisation and delivering value for shareholders”.
Authorised for release by AGL's Board of Directors.