Genesis Energy names AGL executive Marc England as CEO

Marc England, executive manager for new energy at AGL, will take up the new position in May 2016.

Genesis Energy [NZX: GNE] named AGL Energy executive Marc England as chief executive, replacing Albert Brantley who leaves after seven years running New Zealand's biggest electricity and gas retailer.

Mr England, executive manager for new energy at AGL, will take up the new position in May 2016. It will be his first role managing a company, Auckland-based Genesis said.

"The board is confident that we've selected a skilled and outstanding future-focused leader at this time of industry change,"  chairwoman Dame Jenny Shipley said.

Mr England has an MBA from Imperial College in London and a degree in mechanical engineering, and brings a good understanding of investments such as the Kupe field from his time working as a petroleum engineer in Oman for Halliburton Energy Service, the company said.

He will get a base salary of $900,000 a year with a short-term incentive target set at 40%  and a long-term target of 30%, the company said. He will also receive "phased one-off payments to recognise the transition from his current employment to the Genesis long-term incentive plan" in addition to relocation expenses.

Genesis shares fell 1%  to $1.90 and have declined about 12%  this year, while the S&P/NZX 50 Index rose 8.2% over the same period.

(BusinessDesk)