Anthony quits top job at AGL Energy

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Former Contact Energy boss Paul Anthony has abruptly resigned as head of Australia's AGL Energy, a week after that country's biggest energy retailer issued a profit warning. Long-serving company executive Michael Fraser has been appointed the new chief executive.

A company statement said Mr Anthony had agreed over the weekend that it was an appropriate time for a change in management. AGL chairman Mark Johnson paid tribute to Mr Anthony. "Paul Anthony has secured many achievements at AGL and has established a firm base on which to build our growth and integration strategy, he said.

But this was not enough to save his job after AGL last week slashed its 2008 earnings outlook, less than three months after issuing the guidance.

The announcement sent its shares tumbling and prompting heavy criticism from market analysts.

Mr Anthony was CEO of Contact Energy immediately after it was privatised and its majority owner was US-based Edison Mission. Australia's Origin Energy has since become the major shareholder.


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7594 0.0000 0.00%
AUD 0.9719 0.0000 0.00%
EUR 0.6980 0.0000 0.00%
GBP 0.5015 0.0000 0.00%
HKD 5.8944 0.0000 0.00%
JPY 90.3750 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1179.0 -14.680 2015-04-24T00:
Oil Brent 65.3 1.460 2015-04-24T00:
Oil Nymex 57.1 -0.480 2015-04-24T00:
Silver Index 15.6 -0.190 2015-04-24T00:

Indices

Symbol Open High Last %
NZX 50 5757.9 5776.4 5757.9 0.13%
NASDAQ 5096.3 5100.4 5056.1 0.71%
DAX 11783.6 11881.0 11723.6 0.74%
DJI 18056.4 18108.9 18058.7 0.12%
FTSE 7053.7 7102.6 7053.7 0.24%
HKSE 27978.4 28089.4 27827.7 0.84%
NI225 20142.5 20142.5 20187.7 -0.83%