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AGL Energy Limited (ASX:AGK) is on the hunt for a new chief after is Managing Director and CEO Michael Fraser announced he will step down in the middle of next year.
Mr Fraser started working for the gas and electricity retailer three decades ago and was appointed to the top job almost eight years ago.
Mr Fraser believes now is the right time for him to retire from executive life and has flagged his departure from AGL at the end of the following financial year, June 30, 2015.
AGL says the board has started a selection process for a new Managing Director and CEO and will consider both internal and external candidates.
AGL Energy reported a net profit of $261 million in the first half of the 2014 financial year.