CEO pulls plug on Hydro job

Written By miftah nugraha on Sabtu, 29 Juni 2013 | 19.55

Hydro Tasmania CEO Roy Adair.

STATE energy giant Hydro Tasmania is looking for a new CEO after the resignation of Roy Adair.

Hydro Tasmania chairman David Crean said yesterday that Mr Adair -- the company's chief executive officer since June 2010 -- had agreed the time was right for change "to take the business through its next phase and to provide long-term stability to the organisation".

Dr Crean said the departure of Mr Adair followed the completed transfer of Tamar Valley Power Station to Hydro Tasmania as part of the State Government's electricity industry reform process.

It coincided with the end of another successful financial year for the business and the completion of a number of significant projects, Dr Crean said.

"The board and Roy have agreed that now is the time for change and to make way for new leadership of the business as it looks ahead to the post-reform period," he said.

Mr Adair said it had been an honour and privilege to work with such a talented, passionate and committed team of people at Hydro Tasmania, Momentum and Entura.

"I wish the business and its entire staff a very successful and prosperous future," he said in a statement released by the company yesterday morning.

Read the full statement from Hydro Tasmania

Hydro Tasmania dismissed claims Mr Adair was set to leave when contacted by the Mercury earlier this week.

Dr Crean said: "As CEO, Roy has presided over some significant events that have changed the face of Hydro Tasmania, including a profit of over $100 million in both of the last two years. The business is on track to double that annual profit this financial year.

"The changing market conditions in the Australian energy industry will test the industry's mettle over the coming years and Hydro Tasmania is now looking for a new long-term leader who can take the business into the future in a united and cohesive manner."

The announcement came as the Tasmanian Opposition said that moves by Prime Minister Kevin Rudd to float a carbon price could cost the State Government as much as $50 million through reduced Hydro dividends.

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