Energex CEO resigns

I have been advised by the Chair of Energex Limited, Mr Khory McCormick, that the Energex Board has accepted the resignation of Energex Chief Executive Officer, Mr Andrew Kremor.

Mr McCormick advised that Mr Kremor disclosed to the Board that earlier this year he had bought various shares and later disposed of them, while CEO of Energex.

Mr McCormick informed me that after Mr Kremor’s disclosure to the Board, the Board accepted his resignation.

I have been advised by Mr McCormick that the Board has ordered a full report into the matter and that the Board will provide a copy of its report to the shareholding Ministers as a matter of priority.

I have requested that as part of its report the Board advise shareholding Ministers whether any issues should be referred to the Australian Securities and Investment Commission.

In addition, shareholding Ministers will refer this matter to the Auditor-General.

Media Inquiries: Ellen McIntyre 3225 1819