Australia’s Origin Energy, the owner of a 37.5% APLNG stake, said that Gordon Cairns will retire as chairman and director.
He will leave the firm after the annual general meeting on October 20.
Scott Perkins will be taking over from Cairns who has been chairman of Origin since October 2013.
Perkins joined Origin’s board in September 2015 and is a member of several committees.
He is also is a non-executive director of Woolworths and Brambles.
“On behalf of the board and management, I would like to thank Gordon for his contribution to Origin over many years,” Perkins said.
“While there are unquestionably near term challenges facing our community and economy, Origin is resilient and well placed to navigate through these times,” he said.
Perkins will be working with Origin’s CEO Frank Calabria who has been leading the firm since October 2016.
Worth mentioning here, Origin saw a 93 percent decline in its net profit hit by write-downs mainly realated to its stake in the APLNG project.
Statutory profit fell to A$83 million ($59.4m) for the full year ended June 30, including a A$746 million impairment in carrying value of APLNG.
Origin also expects profit drop in fiscal 2021 due to lower earnings from electricity and gas retailing hit by the Covid-19 pandemic.
