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That's time: APA CEO resigns
The long-serving CEO and managing director of APA Group, the largest gas transmission system owner in Australia, Mick McCormack, has announced his retirement from the company.
Image: APA
After 13 years in the top job, his resignation comes just weeks after Treasurer Josh Frydenberg officially rejected the takeover bid for APA Group by Hong Kong-based CK Group.
Mr Frydenberg said the deal could not go ahead as it was contrary to national interest.
"I have formed this view on the basis that it would result in a single foreign company group having sole ownership and control over Australia's most significant gas transmission business," Mr Frydenberg said.
Mr McCormack has more than 35 years' experience in the energy infrastructure sector in Australia and his experience extends to gas-fired and renewable energy power generation. Just two years ago, he was awarded the Australian Pipelines Gas Association's (APGA) top industry award for outstanding contribution to the Australian pipeline industry.
"In deciding to call time, I know that the company is in a strong position, with excellent prospects, and with an exceptionally talented and committed team in place," Mr McCormack said.
APA Group said its board has started the selection process for Mr McCormack's replacement.
Mr McCormack will retire from APA no later than the end of 2019.
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