Genesis Energy in hunt for new CEO

Genesis Energy in hunt for new CEO

By Pattrick Smellie

Aug. 25 (BusinessDesk) - Energy industry veteran Albert Brantley is to retire as chief executive of Genesis Energy at the end of the 2016 financial year, the electricity company's chair, Jenny Shipley announced.

Brantley was appointed to lead Genesis in 2008, replacing Murray Jackson, and has led a strategy that has ended Genesis's role as a de facto generator of last resort, which saw the company willing to run its ageing 1,000 Megawatt Huntly gas and coal-fired power station for uneconomic returns during periods of low hydro inflows and heightened political concern about electricity prices.

Brantley has overseen the gradual closure of the Huntly station, announcing that the last two units at the old Huntly station to be closed in 2018, barring any major changes in market conditions, and led the business through its partial privatisation in April last year.

Shipley paid tribute to Brantley's contribution and said an international executive search process is already under way to find a new chief executive for the electricity and gas retailer with the largest customer base, which stood at 636,676 at balance date, June 30.

Genesis announced earnings before interest, tax, depreciation, amortisation and movements in the value of financial instruments of $344.8 million for the year to June 30, up 12 percent on the previous year, but 5 percent lower than forecast in the prospectus ahead of last year's share-market listing.

(BusinessDesk)

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