Managing Director and Chief Executive Officer succession
Infigen Energy (ASX:IFN) today announced the forthcoming retirement of its Managing Director and Chief Executive Officer, Miles George and the appointment of Ross Rolfe AO as his successor.
Mr George will retire as Managing Director and Chief Executive Officer with effect from the conclusion of the Group’s Annual General Meeting on 17 November, and has notified Infigen of his intention to retire from his employment with Infigen on 31 December 2016.
Mr George has been the Managing Director and Chief Executive Officer of Infigen since 2009.
Mr George said: “It has been a privilege and an honour to work with the Infigen team and my colleagues on the Infigen Board. Together we have created a leading Australian renewable energy business that is strong and well positioned to achieve profitable growth and value for our securityholders. The transition of Australia’s electricity sector to a more sustainable future provides tremendous opportunities for Infigen’s business to thrive. I have every confidence that Infigen’s continued success will be assured under the new leadership arrangements announced today.”
Infigen Chairman, Mike Hutchinson, paid tribute to Mr George’s service to the Group.
“Miles has been an excellent leader and colleague at Infigen. He played a major role in stabilising the Group following its separation from Babcock & Brown, and in leading its restructure to a more viable scale and scope. His industry-leading role and advocacy have been important in shaping national renewable energy policy. Our securityholders owe him a debt of gratitude for his achievements.
The Board, and all Miles’ colleagues at Infigen, thank him for his service and wish him well for the future. We are grateful that Miles has agreed to support the forthcoming leadership transition, and to continue to advise the Group under its new leadership”.
Infigen has also announced that, with effect from the conclusion of its Annual General Meeting on 17 November 2016, Mr Ross Rolfe AO – currently an independent non-executive director of the Group – will be appointed as Managing Director and Chief Executive Officer. A search process to find the best person to lead the business through its sustainable growth plans was undertaken. In the light of that process the Board invited Ross to consider the role and while there were several strong internal and external candidates the Board determined that Ross was the appropriate candidate. A particular consideration was the Board’s desire for continuity in execution and evolution of the current strategy, which Ross has played a key role in formulating.
Mr Rolfe is an experienced energy industry leader and executive, having served as Managing Director and Chief Executive of Alinta Energy, Chief Executive of Stanwell Corporation, and Chairman of CS Energy. He has served as a non-executive director of Infigen since 2011. He was formerly a senior official with the Queensland State Government, holding the position of Co-ordinator General and Director General of a number of Departments and agencies, including the Department of State Development and the Department of Premier and Cabinet. Mr Rolfe has also been a Director of a number of public companies and a Board member of Infrastructure Australia.
An extended biography for Mr Rolfe is attached.
Mike Hutchinson welcomed Mr Rolfe’s appointment:
“Infigen is fortunate to have a leader of the calibre of Ross Rolfe to succeed Miles George. We greatly appreciate his willingness to restructure his commitments to take this position, and look forward to a continuation and evolution of Infigen’s strategy and a further period of growth and development under his leadership.”
Mr Rolfe said: “I am delighted to be asked to take on the role of Managing Director and Chief Executive Officer of Infigen following on from Miles George. Miles has done a remarkable job in growing Infigen to be largest owner and operator of wind farms in Australia, and more recently working with the Board and management team to stabilise Infigen’s capital structure. As a result of Miles’ leadership Infigen is now well placed to create value for its securityholders by prudent investment in new generation capacity in response to market opportunity. I am looking forward to building on Miles’ legacy, including an early commitment to construction of the first of the new development projects, and realising Infigen’s further potential in the years that lie ahead”.
Mr George will receive the benefits to which he is contractually entitled under his employment agreement and the Group’s incentive plans for retirement as previously disclosed by Infigen plus a payment of 3 months fixed remuneration in recognition of his past services to Infigen and his commitment to support with the leadership transition to Mr Rolfe. Mr George’s retirement benefits are within the amount permitted to be paid without securityholder approval under the Corporations Act. Mr George has also agreed to continue to provide advisory services to the Group in a consulting capacity following his retirement.
For further information please contact:
General Manager, Strategy & Corporate Affairs
Tel +61 2 8031 9901
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