AGL Energy Limited has appointed its long-term group senior executive Michael Fraser as its new managing director and CEO, effective immediately, following Paul Anthony's cessation of employment with the company.

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.