Mr Fraser has worked with AGL Energy Limited (AGL) in a number of key roles since he joined the company in 1984, and most recently as group general manager of Merchant Energy.

Mark Johnson, AGL’s chairman, said: Mr Fraser’s appointment reflects the board’s view that the company would benefit from a new management approach to complete the execution of our strategy to build AGL into a world class integrated energy company.

Mr Anthony said: I am proud of what has been accomplished during my period as CEO of AGL. I accepted the role determined to achieve significant structural change and growth for the business. I wish the company and its shareholders every future success.