Origin elects new CEO as King retires
- Business & Finance
Australia’s Origin Energy has named Frank Calabria, currently CEO of Origin’s Energy Markets Business, as the next Managing Director and CEO of Origin Energy.
Origin said on Friday that his appointment will take effect following Origin’s Annual General Meeting on October 19, 2016. The current CEO, Grant King, has set his retirement for the end of October.
Origin’s Chairman, Gordon Cairns, said: “The board has been preparing for King’s retirement for some time.
“The past year has been a transitional one for Origin with good progress made on debt reduction following last year’s fall in oil price. We are also expecting completion of APLNG’s LNG project in the next few months. With good progress on these two important priorities, it is now an appropriate time for a change of leadership at Origin.
“While we will recognize Grant’s significant contribution to Origin more fully at the AGM, I want to acknowledge that’s he’s been a wonderful leader of Origin.”
He added: “The Board has undertaken an extensive process including a global search for external candidates along with a thorough review and benchmarking of internal candidates and is delighted to appoint Calabria as the next Managing Director of Origin.”
Calabria joined Origin as CFO in 2001. In 2009 he was appointed CEO of the Energy Markets business.
Cairns said: “The company’s focus in the short term remains on accelerating debt reduction and improving returns. This will lead to the opportunity for further strategic and structural choices. With this in mind, the appointment of Calabria is both timely and appropriate.”
Calabria said: “It is a great honor to lead Origin. This is an important Australian company with a strong future. The issues are clear: cut debt and improve performance. This twin focus will improve returns for shareholders and position us to drive medium-term growth in a rapidly changing energy market while delivering on the potential for the major investment that has been made in APLNG.”