AGL Energy MD to retire

Michael Fraser intends to leave by June 2015, search for replacement underway.

AGL Energy (AGK) managing director Michael Fraser has advised he intends to retire from his role by June 30, 2015.

Mr Fraser, who will have been at the company for 30 years this month, said it was the right time to step down. 

Chairman Jerry Maycock said Mr Fraser remains committed to the business for the remainder of his term, including overseeing the integration of Macquarie Generation if the acquisition proceeds.

The board has commenced a selection process for a replacement and would consider internal and external candidates, Mr Maycock said.