3 October 2013
Origin Chairman Kevin McCann to retire with Gordon Cairns nominated as Chairman-elect
Origin Energy today announced that Mr Kevin McCann, AM, who has been Chairman since Origin listed on the ASX in 2000, has advised that he will retire as Chairman and Director after the Company's Annual General Meeting to be held on 23 October 2013.
Origin also announced that the Board has elected Mr Gordon Cairns to succeed Mr McCann as the Chairman of the Board of Directors. As Mr Cairns is due to retire by rotation at this year's AGM, his appointment as Chairman following the AGM will be subject to his reappointment by shareholders as a Director of the Company.
Mr McCann said, "It has been a great privilege and honour to have been the Chairman of Origin and to have had the opportunity to preside over the growth of the Company during the past thirteen and a half years.
"When I was first elected as Chairman of the Board in 2000, Origin had a market capitalisation of around $900 million. Today, as a top 20 ASX listed corporate, Origin is the leading Australian and New Zealand integrated energy company with a market capitalisation of $15.8 billion1.
"Origin, through its interest in Australia Pacific LNG, is also developing the largest coal seam gas to liquified natural gas project in Queensland, which is on track to deliver first LNG by mid 2015.
"Since its inception, continuity of leadership has been one of the hallmarks of Origin's success. I would like to thank the management team, led by our Managing Director Grant King, and all my colleagues at Origin. I applaud their dedication to the job and commitment to delivering outcomes for shareholders and other stakeholders. We have achieved a great deal and I wish each of them well in the future.
"I would also like to acknowledge the efforts of my fellow Board members, past and present, who have made an important contribution to key strategic and operating decisions. I thank them for their support and counsel.
"Origin will have an excellent new Chairman in Gordon Cairns. We have worked closely together as Origin directors for the past six years, and Origin will benefit from his knowledge of the Origin business and its prospects. He brings extensive breadth and depth of experience as a chairman of Australian companies and former CEO and long-standing director of publicly-listed companies," said Mr McCann.
Mr Cairns said, "Mr McCann has been an outstanding chairman. Under his steady hand, we have experienced an extraordinary period of growth at Origin. Kevin has made, and will continue to make, an outstanding contribution to the wider business sector, gender diversity and the community, not only in Australia, but also in the Asia Pacific region.
"On behalf of the Board, I would like to thank Kevin for his leadership in taking Origin from its humble beginnings to where it is today.
"It's an honour that the Board has asked me to succeed Kevin and I am looking forward to the opportunity to continue to work with the Board, Grant King and his management team to realise the next phase of development for the Company," said Mr Cairns.
Mr Cairns joined the Board of Origin in June 2007. He is a member of the Company's Remuneration, Risk, Nomination and Health, Safety and Environment committees and is also Chairman of the Origin Foundation.
Currently, Mr Cairns is a Director of Westpac Banking Corporation and World Education Australia. He is Chairman of Quick Service Restaurant Group and also a senior advisor to McKinsey & Company and Greenhill & Co. He was previously Chairman of Rebel Group and a Director of The Centre for Independent Studies.
Mr Cairns holds a Master of Arts (Honours) from the University of Edinburgh.
Origin's process for Board renewal and appointment of Directors and Corporate Governance Statement are available on Origin's website.
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Price review outcome and update on FY2021 guidance
Origin Energy Limited (Origin) has provided the following update on earnings guidance for the year ended 30 June 2021 (FY2021), following an adverse outcome on a domestic gas contract price review, combined with a further deterioration in Energy Markets’ operating conditions.