AGL Energy has abandoned its plans to demerge its coal-focused generation business and has announced its chief executive Graeme Hunt and chairman Peter Botten will leave the company.
In a statement to the ASX, the company said it had insufficient shareholder support and would now undertake a strategic review of its operations.
Atlassian founder Mike Cannon-Brookes, who is the company’s largest shareholder, had been calling for the demerger to be dumped since he launched an unsuccessful takeover bid earlier this year.
Mr Cannon-Brookes, who is one of Australia’s richest people and holds an 11.28 per cent stake in AGL, has been urging shareholders to reject the demerger, arguing that if AGL offloads its assets it will do nothing to reduce emissions and address climate change.
Atlassian founder Mike Cannon-Brookes is a majority shareholder of AGL and has been campaigining against the demerger. (AAP: Mick Tsikas)
AGL’s coal- and…