Genesis Energy named AGL Energy executive Marc England as chief executive, replacing Albert Brantley who leaves after seven years running New Zealand's biggest electricity and gas retailer.
England, who is currently executive manager for new energy at AGL, will take up the new position in May 2016, which will be his first role managing a company, Auckland-based Genesis said.
"The board is confident that we've selected a skilled and outstanding future focused leader at this time of industry change," said chair Jenny Shipley.
England has an MBA from Imperial College in London and a degree in mechanical engineering, and brings a good understanding of investments such as the Kupe field from his time working as a petroleum engineer in Oman for Halliburton Energy Service, the company said.
He will get a base salary of $900,000 a year with a short-term incentive target set at 40 percent and a long-term target of 30 percent, the company said. He will also receive "phased one-off payments to recognise the transition from his current employment to the Genesis long-term incentive plan", in addition to relocation expenses.
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Genesis shares fell 1 percent to $1.90 and have declined about 12 percent this year, while the S&P/NZX 50 Index rose 8.2 percent over the same period.