The AGL Energy Limited (ASX: AGL) share price ended the day in the red amid news the company's senior leadership team will be shrunk following its demerger.
AGL will reduce its senior executive team from 9 members to just 5 after the company splits into AGL Australia and Accel Energy. Accel Energy's leadership team will comprise of just 3 members.
The AGL share price closed at $6.47, 0.92% lower than its previous close.
Let's take a closer look at the future upper management shake-up.
AGL share price slides amid leadership shake-up
The AGL share price struggled today amid planned cuts to its senior management team.
The company's executive of corporate affairs, Elizabeth McNamara, will be saying goodbye in the near future. Also exiting is executive general manager (EGM) of future business and technology, John Chambers, and its EGM of strategy and corporate development, Joao Segorbe.
The company's executive general counsel and secretary, John Fitzgerald, will take on the same role in the reimagined AGL Australia. However, he too will step away in December 2022.
AGL has previously stated it hopes to have completed the demerger by the fourth quarter of FY22. The split will see AGL torn into the retail-focused AGL Australia and energy generating business Accel Energy.
The AGL share price slid 9.99% on the back of the company's demerger plan.
Today, a spokesperson for AGL said both new companies will be headquartered in Melbourne. However, they will retain a strong presence in Sydney.
AGL has also pinned who will make up its soon-to-be upper management teams.
Accel Energy's upper management
Here's the makeup of Accel Energy's future leadership team:
- AGL's current general manager of people and culture, Amanda Lee, will step in as chief people officer.
- AGL's secretary, Melisa Hunter, will take on the same role at Accell.
- Recruitment is underway for Accel Energy's chief financial officer.
Accel Energy's leadership team will report to its CEO, Christine Corbett.
AGL Australia's leadership team
Some of AGL Australia's upper management team has also been finalised. Here's who made the cut:
- AGL's EGM of people and culture, Jo Fox, will be the new company's EGM of people and corporate affairs.
- AGL's general manager of commercial and industrial customers, Ryan Warburton, is to become AGL Australia's EGM of business and commercial customers.
- General manager of product and portfolio, Jo Egan, will become AGL Australia's chief customer officer.
- Finally, recruitment is underway for AGL Australia's new EGM of trading, supply, and operations.
AGL Australia's leadership team will report to AGL's current interim managing director and CEO, Graeme Hunt.
AGL share price snapshot
It hasn't been a good year on the ASX for AGL.
Its share price has slipped 46% year to date. It is also 56% lower than it was this time last year.
