Andrew Vesey appointed as new CEO

AGL’s 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 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.

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