AGL dumps coal split plan, chairman and CEO to resign | NickToscano1
AGL, the largest Australian electricity company, has been thrown into crisis as it suspends long-held plans to spin off its coal-fired power stations and announces the resignation of chief executive Graeme Hunt and chairman Peter Botten.
“Having regard to anticipated voter turnout and stated opposition from a small number of investors ... AGL believes the demerger proposal will not receive sufficient support,” it said. Cannon-Brookes, the co-founder of software developer Atlassian and one of Australia’s richest people, last month launched a campaign to block the demerger of AGL, arguing it will create two smaller entities less able to fund accelerated shutdowns of its emissions-heavy coal-fired power stations in line with necessary global climate action.The billionaire’s private investment arm, Grok Ventures, has amassed an 11.
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