Macquarie Generation CEO quits
Macquarie Generation said chief executive Russell Skelton had quit and been replaced by Steve Saladine, who worked previously for Delta Electricity, another power generator owned by the NSW government.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.
Frequently Asked Questions about this Article…
The CEO of Macquarie Generation, Russell Skelton, resigned following an investigation into unauthorized changes to the employment contracts of some senior officials.
Steve Saladine has replaced Russell Skelton as the CEO of Macquarie Generation. He previously worked for Delta Electricity and in the trading room at Macquarie Generation.
The unauthorized changes involved 'transfer benefits' in the employment contracts of senior staff that exceeded government guidelines by an estimated $1.9 million.
No evidence of fraud was uncovered during the investigation into the unauthorized changes to employment contracts at Macquarie Generation.
It is believed that contracts for as many as 27 employees were affected by the unauthorized changes at Macquarie Generation.
'Transfer benefits' refer to additional benefits provided in employment contracts that, in this case, exceeded government guidelines by about $70,000 per employee.
The government is involved because Macquarie Generation is a state-owned power generator, and the breaches were uncovered as the government was preparing to privatize the generator.
Sharon Howes, the head of human resources at Macquarie Generation, stepped aside along with Russell Skelton following the investigation into unauthorized changes to employment contracts.
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