LONG serving Loy Yang Power chief executive Ian Nethercote will leave the company this month as AGL Energy Ltd prepares to take over full ownership of the generator.
Though a statement from AGL claimed Mr Nethercote had “chosen” to leave LYP, it also said the role of chief executive had “come to an end”.
On Friday AGL managing director Michael Fraser announced new arrangements would see Loy Yang operations form part of AGL’s Merchant Energy business, headed by Group general manager Anthony Fowler.
Effectively the arrangement renders Mr Nethercote’s role obsolete.
Mr Fraser announced Mr Nethercote would leave LYP on 29 June. LYP workforce have been advised of Mr Nethercote’s impending departure.
Mr Fraser thanked Mr Nethercote for his “diligence and professionalism throughout the transition process.”
“Ian has led Loy Yang Power for the last 13 years, and has had a long and distinguished career in the energy industry of more than 35 years,” he said.
Mr Fraser also said AGL was in the process of “finalising the organisational arrangements” at LYP.