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Splitting into two companies is still the best way forward, but mounting opposition, led by tech billionaire and largest shareholder Mike Cannon-Brookes, means AGL would not be able to secure the required 75% votes in favour of the move, the power producer said in a statement.
AGL said it would undertake a review of its strategic direction, with a focus on potential decarbonisation initiatives. It will also engage further with Grok Ventures, Cannon-Brookes’ investment vehicle, to discuss a way forward.
AGL added it had spent A$160 million ($114 million), out of the A$260 million it had estimated for costs related to breaking the company into retail and generation units.
CEO and Managing Director Hunt will step down, but will continue in his role till a successor is appointed, AGL said.
A search for an independent chairperson is also underway, after which the incumbent Botten will resign, it added.
($1 = 1.3980 Australian dollars)
