AGL Energy CEO Andy Vesey leaves abruptly

  • Push-out Score suggests push-out forces
  • After about three and a half years in the position
  • Praise and thanks for Vesey
  • Brett Redman taking over in the interim
  • Vesey said 58 words

(exechange) — Sydney, Australia, August 24, 2018 — Andy Vesey, chief executive of AGL Energy, leaves. It is an abrupt change. As announced by AGL Energy Limited in a news release on Friday, August 24, 2018, Andrew Martin (Andy) Vesey leaves his post as Chief Executive Officer at the energy company after about three and a half years in the role, effective immediately.

Vesey’s move comes 11 months after Graeme Hunt took over as Chairman of AGL Energy Limited.

Vesey’s duties will be taken over in the interim by Brett Redman, most recently Chief Financial Officer of AGL Energy Limited, as interim Chief Executive Officer.

Damien Nicks, currently AGL’s General Manager, Group Commercial Finance, has been appointed interim CFO.

“Take that process to the next step”

A reason for Vesey’s sudden departure from the CEO post was not explicitly given. AGL Chairman Graeme Hunt said: “Succession planning for the Managing Director and CEO is a matter of key importance to the AGL Board at all times. Over recent months, we have increased our focus on the development of internal candidates and on maintaining an active view of potential external candidates. As a result, a domestic and international search process including strong internal candidates is well progressed, and the Board has decided to take that process to the next step. That search will now enter a final phase to enable us to complete an appointment.”

Precise information about Vesey’s future plans was not immediately available.

“Leave the company/stepped down”

AGL Energy said: “AGL Energy Limited has today announced that the company’s Managing Director and Chief Executive Officer (CEO), Andy Vesey, will leave the company after almost four years in the role.”

AGL Energy further said: “Mr Vesey has stepped down from AGL’s Board but, in order to ensure a smooth transition, he will remain employed by AGL in an advisory capacity to the Board until 31 December 2018.”

Share price decline

The change follows a decline in the share price of AGL Energy Limited since April 2017.

Chaired by Graeme Hunt

AGL Energy Limited is chaired by Graeme Hunt.

Hunt has served as non-executive Director since September 2012 and Chairman since September 27, 2017.

In the position of CEO since 2015

Andrew Martin Vesey has been the Chief Executive Officer and Managing Director of AGL Energy Limited since February 12, 2015.

Vesey has over 30 years’ experience in the energy industry including strategic and commercial leadership of large energy organisations, and working in complex regulatory and political environments.

His experience extends across the energy supply chain including power development, generation, distribution and retail businesses in the Americas, Europe, Africa and Asia.

Unexpected

Generally speaking, when a top manager announces to step aside with no permanent successor in place, it is a sign that the move was unexpected and too early.

In general, possible causes for an unplanned change may be, among others, disagreement or dispute.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Andy Vesey’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 35.2018 ($).