AGL Energy split speculation continues after Brett Redman’s exit

AGL Energy interim CEO Graeme Hunt. Picture: Adam Yip

AGL Energy’s interim boss Graeme Hunt gathered together his executive team in Melbourne on Thursday as the power giant looks to move on from the sudden departure of Brett Redman and build momentum around its planned demerger.

The regular monthly meetings have been led by Redman for the last two years and Hunt was eager to portray a business-as-usual approach to the company’s top leaders.

AGL’s interim leader will deliver the same message — the company’s restructuring is on track — at the Macquarie Australia conference on Tuesday as the company races against the clock to have details in place for investors by an end of June deadline.

One issue that remains the subject of considerable internal debate is who will lead AGL’s two units should it opt for a demerger later this year.

Under AGL’s proposed restructure, the new AGL business will provide electricity, gas, internet and mobile services to 30 per cent of Australian households and plans to target full carbon neutrality to chase a higher valuation as a green retailer.

PrimeCo will be the nation’s largest generator, accounting for 20 per cent of supply in the national electricity market and retaining the nation’s biggest fleet of coal-fired power.

New AGL is seen as the bigger, better job, albeit still a step down from running the whole AGL business as it currently stands.

While some view Hunt’s elevation from chairman to the company’s acting chief executive as a precursor to taking the New AGL role, the company’s chief customer officer Christine Corbett is also expected to throw her hat in the ring.

PrimeCo looks a tougher sell but relatively recent recruit Markus Brokhof, chief operating officer, is seen as the leading company candidate should it go down the internal path.

None will be banking on a role just yet as no hard decisions have yet been made.