Genesis Energy CEO wastes no time overhauling executive team

Genesis Energy [NZX: GNE] chief executive Marc England, who took up the role in May, has announced an overhaul of his management team, with three executives departing and Chris Jewell confirmed as chief financial officer.

Mr England, previously an executive for new energy at AGL Energy, replaced Albert Brantley, who left after seven years running New Zealand's biggest electricity and gas retailer. Mr England said the executive changes will help ensure the company "has the right structure and capabilities to develop deep and enduring relationships with its customers" in a rapidly evolving energy market.

Mr Jewell, who was named interim CFO in May after Andrew Donaldson accepted a job at Television New Zealand, has been confirmed in that job effective immediately. His previous role as general manager portfolio management has been combined with general manager generation, with Tracey Hickman to stay on in the expanded job of executive general manager generation and wholesale. England said the combined role signalled "greater integration and operating efficiency between generation and trading."

Mr England also announced the appointment of Jen Cherrington-Mowat, a Kiwi who has held various executive roles in the UK, to the new position of executive general manager technology and digital.

Genesis's general manager retail, David Goadby, will leave the company – his role disestablished and replaced by two new positions – executive general manager product marketing and executive general manager customer operations. The company has begun a recruitment drive for the two new roles, it said.

Dean Schmidt, the general manager strategy and corporate affairs gets a wider role as executive general manager corporate affairs and transformation, and will establish a strategic project management office.

Legal and company services will report to Schmidt and, as a result, the roles of general counsel and company secretary have been disestablished and Maureen Shaddick, who has held the roles since 2003, will leave the company in October.

Genesis will also disestablish the position of general manager corporate services, held by Andrew Steele, who will depart the company in September. The company is now recruiting for a new role of executive general manager people and culture.

"This executive team focus is the first phase of a longer-term plan to reshape Genesis Energy into an agile and adaptive organisation that will focus on optimisation and developing engaging products and services," Mr England said.

Genesis shares fell 0.9 percent to $2.21 and have gained about 30% in the past 12 months. In February the company said annual earnings before interest, tax, depreciation, amortisation and fair value movements would be similar to 2015's $345 million.

(BusinessDesk)

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