Genesis Energy in hunt for new CEO
Energy industry veteran Albert Brantley is to retire as chief executive of Genesis Energy.
See also: Genesis quashes market conjecture over Rankine units
Energy industry veteran Albert Brantley is to retire as chief executive of Genesis Energy [NZX: GNE] at the end of the 2016 financial year, chairwoman Dame Jenny Shipley has announced.
Mr Brantley was appointed to lead Genesis in 2008, replacing Murray Jackson, and has led a strategy that’s ended the electricity company's role as a de facto generator of last resort, which saw the company willing to run its ageing 1000 Megawatt Huntly gas and coal-fired power station for uneconomic returns during periods of low hydro inflows and heightened political concern about electricity prices.
Mr Brantley has overseen the gradual closure of the Huntly station – announcing that, barring any major changes in market conditions, the last two units will be closed in 2018 – and led the business through its partial privatisation in April last year.
Genesis Energy has the largest customer base of any New Zealand electricity and gas retailer: 636,676 at the balance date of June 30.
In making the announcement, Dame Jenny has paid tribute to Mr Brantley's contribution and said an international executive search process is already under way to find a new chief executive.
Genesis announced earnings before interest, tax, depreciation, amortisation and movements in the value of financial instruments of $344.8 million for the year to June 30, up 12% on the previous year, but 5% lower than forecast in the prospectus ahead of last year's sharemarket listing.
(BusinessDesk)
Pattrick Smellie
Tue, 25 Aug 2015
Tue, 25 Aug 2015
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Genesis Energy in hunt for new CEO
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