11/01/2007 - 16:05

Bob Browning steps down as Alinta CEO

11/01/2007 - 16:05

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Alinta has revealed that its chief executive officer, Bob Browning, is stepping down from the top job amid growing criticism of a conflict of interest in the wake of a management buy-out proposal.

Bob Browning steps down as Alinta CEO

Alinta has revealed that its chief executive officer, Bob Browning, is stepping down from the top job amid growing criticism of a conflict of interest in the wake of a management buy-out proposal.

Mr Browning is invloved in a buy-out proposal along with former chairman John Poynton and several other senior executives.

Mr Browning, who has been with Alinta since early 2001, said he was "sensitive to concerns expressed in recent days" and that stepping down as CEO was the appropriate thing to do.

Mr Poynton resigned as Alinta chairman when the MBO was announced on Tuesday. He was replaced by former Woodside chief John Akehurst.

In a statement released this afternoon, Alinta said it had chosen to retain Mr Browning's services until June 30.

The energy utility said Mr Browning would continue to work on the MBO proposal and would be available to assist the company "on other matters should this be appropriate".

Alinta said Peter Magarry, who is currently Alinta Asset Management chief operating officer, will take up the position of acting chief executive.

Rod Evans, the company's acquisitions and strategy manager, will lead a team assessing the MBO.

Alinta said management involved in the buy-out proposal would take no part in assessing the deal but they would be called upon by the board to provide advice on current projects when required.

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