APA CEO ROB WHEALS TO STEP DOWN
Australian energy infrastructure company APA Group on August 22 announced that CEO and managing director, Rob Wheals, will be stepping down at the end of September 2022.
Adam Watson, APA’s CFO, will be appointed as acting CEO while the general manager of investor relations, Kynwynn Strong, will be appointed as acting CFO.
Meanwhile, the company said it has made a decision not to pursue an acquisition in the US in the foreseeable future.
“We have been screening the US utilities market for over three years now and whilst there are clearly attractive aspects to that market, it also involves a number of risks and ongoing investment challenges,” APA chairman Michael Fraser said.
“APA’s core competencies and competitive advantages are in the Australian market and the focus of our strategy will be to maximise returns to security holders while pursuing the very significant investment opportunities arising from Australia’s transition to a low carbon future,” he added.
APA delivers approximately half of Australia’s gas usage and connects Victoria with South Australia and New South Wales with Queensland through its investments in electricity transmission assets. It is also one of the largest owners and operators of renewable power generation assets in Australia, with wind and solar projects across the country. APA’s full-year results will be announced on August 24.