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AGL Energy shelves demerger plans, chairman & CEO to step down By Reuters
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© Reuters. FILE PHOTO: The logo of AGL Energy Ltd, Australia’s no.2 power retailer, adorns the building of their head office in Sydney, Australia, February 8, 2017. Picture taken February 8, 2017. REUTERS / David Gray / File Photo
(Reuters) – Australia’s AGL Energy (OTC 🙂 said on Monday that it would not proceed with the planned demerger of its operations due to mounting opposition from shareholders, led by its top shareholder Mike Cannon-Brookes.
Chairman Peter Botten and chief executive Graeme Hunt will also step down from their roles, the company added.
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