Macquarie Generation CEO quits
The chief executive of one of the country's largest power generators has quit in the wake of an investigation into unauthorised changes to the employment contracts of some senior officials.
Macquarie Generation said chief executive Russell Skelton had quit and been replaced by Steve Saladine, who worked previously for Delta Electricity, another power generator owned by the NSW government. Mr Saladine also worked for a time in the trading room at Macquarie Generation.
Mr Skelton and Macquarie Generation's human resources head Sharon Howes stepped aside in September following apparent changes to the employment contracts of senior staff that had been made without the knowledge of the board or the government.
The breaches were uncovered as the government was preparing to privatise the generator.
It is believed contracts for as many as 27 employees provide for so-called "transfer benefits" that exceed government guidelines by an estimated $1.9 million, or about $70,000 per employee. No evidence of fraud was uncovered, the government said. However, board approval had not been obtained.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free