GNE
14/12/2015 10:43
OFFICE
PRICE SENSITIVE
REL: 1043 HRS Genesis Energy Limited (NS)
OFFICE: GNE: Genesis Energy announces new Chief Executive
Genesis Energy has announced that Marc England has been appointed Chief
Executive Officer and will take up the role in May 2016.
Genesis Energy Chairman, Dame Jenny Shipley, said Mr. England was an
"exceptional candidate" from an extensive global search and was selected with
the unanimous support of the Board. "The Board sees Marc as the right person
to succeed Albert Brantley and to drive future shareholder value," Dame Jenny
said.
"This is the perfect time for Marc to become Genesis Energy's next Chief
Executive Officer. This is Marc's first CEO role and the Board is confident
that we've selected a skilled and outstanding future focused leader at this
time of industry change. He brings to Genesis Energy an impressive track
record of having driven growth, innovation and renewed customer focus in each
of his previous roles. "
"Marc is a highly strategic leader in the Australian energy sector and has
been the key driver behind the new strategic agenda at AGL Energy and the
development of its New Energy businesses. He combines this with strong
international experience in large business leadership roles for energy
businesses in the UK and globally. His vision, strategy and execution track
record is exactly what Genesis Energy needs as we enter our next chapter to
fulfil our aspirations of delivering further value for our customers,
shareholders and stakeholders", Dame Jenny said.
Marc's general management experience is also underpinned by strong finance,
strategy, marketing and procurement experience with leading blue chip
companies in the industrial sector. He has an MBA from the highly regarded
Imperial College, London, and a degree in Mechanical Engineering. Marc also
brings a very good understanding of investments like Kupe, from his time at
Halliburton Energy Services in the Oman as a Petroleum Engineer.
Genesis Energy announced in August this year that Chief Executive Albert
Brantley would be leaving the Company after seven years of service as Chief
Executive. Mr. Brantley will continue as Chief Executive until Mr. England
arrives in May, 2016. "Albert has been a great leader for Genesis Energy and
the Board have appreciated his efforts in shaping the Company through many
major changes in the sector over the past few years. Albert has committed to
remain as Chief Executive until Marc has arrived which is an ideal situation
from the Board's perspective", Dame Jenny said.
Chief Executive Remuneration
Mr. England's remuneration is in line with relevant New Zealand benchmarks
and reflecting his experience and expertise. The package is based on, and
consistent with, Genesis Energy's current framework. Mr. England will
receive a base salary of $900,000, with a short term incentive target
initially set at 40% and a Long Term Incentive target of 30%. The incentive
models replicate those detailed in the Annual Report. Mr. England will also
be provided with phased one off payments to recognise the transition from his
current employment to the Genesis Long Term Incentive plan plus relocation
expenses.
ENDS
For media enquiries, please contact:
Richard Gordon
Public Affairs Manager
Genesis Energy
P: 09 951 9280
M: 021 681 305
For investor relations enquiries, please contact:
Rodney Deacon
Group Manager Strategy and Investor Relations
Genesis Energy
P: 09 571 4970
M: 021 631 074
End CA:00275071 For:GNE Type:OFFICE Time:2015-12-14 10:43:52
