AGL appoints Damien Nicks as CEO as green transition accelerates

AGL, the largest emitter of greenhouse gases in the US, has appointed former chief financial officer Damien Nicks as its new chief executive to lead the utility giant’s accelerated transition from coal to clean energy.

After a national and global search, AGL Chair Patricia McKenzie said Thursday the board had made Nicks, who has been interim CEO since March, permanent in the role.

Damien Nicks has been named the new CEO of AGL, the largest US electric and gas utility.

Damien Nicks has been named the new CEO of AGL, the largest US electric and gas utility.Credit:Roy Van Der Wegt

“The board has been particularly impressed with Damien’s leadership of the company, including his role in driving AGL’s new strategy,” said McKenzie.

Former AGL CEO and chief executive Graeme Hunt resigned last year after Australian tech billionaire Mike Cannon-Brookes bought an 11% stake in AGL and launched a successful investor campaign to round the company’s controversial proposal to expand its carbon-intensive business to divest coal, to nullify. fired power plants into a new entity that would have continued burning the fossil fuel until the mid-2040s.

Cannon-Brookes’ campaign ultimately forced the resignations of Hunt and several board members, sparking a strategic review of AGL’s future direction. The board has since decided to close its last remaining coal-fired power plant, Loy Yang A in Victoria’s Latrobe Valley, up to 10 years early in 2035 and invest $20 billion in renewable energy through 2036 and secure assets.

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Nicks joined AGL in March 2013 and was Chief Financial Officer from August 2018 before becoming interim CEO in October 2022. He has 27 years of experience with significant energy, customer and multinational experience across a range of sectors including logistics, industrials and professional services.

On Thursday, Nicks said it was an honor to be named AGL’s new managing director and CEO at such a “key time in AGL’s history,” accelerating its transition into a leader in low-carbon energy.

“I look forward to leading this great organization and I look forward to continuing to execute our new strategy for a sustainable future in alignment with shareholders and the community
expectations,” he said.

https://www.smh.com.au/business/companies/power-giant-agl-appoints-ceo-as-green-shift-accelerates-20230119-p5cdqx.html?ref=rss&utm_medium=rss&utm_source=rss_business AGL appoints Damien Nicks as CEO as green transition accelerates

Brian Lowry

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