The Chairman of Origin Energy Limited (Origin) Mr Gordon Cairns today announced that after 21 years, the last seven of which as Executive Director, Finance & Strategy, Ms Karen Moses has decided to retire from her roles with the Company to pursue a career as an independent non-executive director.
Ms Moses had previously indicated to the Board her intention to transition away from an executive career to pursue opportunities as a non-executive director at a time when the completion of Australia Pacific LNG was in hand and the balance sheet was secured for the future. Ms Moses believes the initiatives recently announced by the Company, including the underwritten pro-rata equity raising and the imminent completion of Australia Pacific LNG have provided this foundation for the future.
"Having made her decision, Karen does not believe it is appropriate to seek another three year term as a Director of Origin, and as such, the Company is withdrawing the resolution to seek her re-election as a Director at the Annual General Meeting," Mr Cairns said.
Ms Moses will remain with the Company until at least the end of February 2016 to ensure a smooth transition.
Mr Cairns said, "Karen has been a fantastic contributor to our Board and we will miss her wise counsel. She will go with our very best wishes, and we are confident that she will be as successful in her non-executive director career, as she has been in her executive career."
Origin Managing Director, Mr Grant King paid tribute saying, "Karen and I have worked together for twenty years with a singular goal of developing Origin into a leading energy company in Australia. She has made an invaluable contribution to this goal and with Australia Pacific LNG about to commence production and the imminent completion of the current equity raising, it is a natural point for Karen to consider the next stage of her career. I have benefited greatly from her support and advice, as I am sure will many others in the next stage of her career."
About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its leadership in the supply of green energy, Origin also aspires to be the number one renewables company in Australia.
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia’s biggest CSG to LNG project based on the country’s largest 2P CSG reserves base.