AGL Energy Ltd., Australia’s second-biggest electricity retailer, started looking for a new chief executive officer to replace Michael Fraser, who plans to retire by June 30 next year.
AGL will consider people inside and outside the company, the Sydney-based power provider said today in a statement. Fraser has worked at the company for three decades and in October will start his eighth year as CEO, AGL said.
“This is the right timing for me to retire from executive life,” Fraser said in the statement.
AGL is Australia’s largest operator of renewable energy projects and is seeking to extract gas from coal deposits in New South Wales to address a looming shortage. AGL’s A$1.51 billion ($1.41 billion) deal to buy government-owned power plants in New South Wales was blocked in March by the nation’s antitrust regulator on concern that it would reduce competition.