The long-serving boss of gas pipeline company APA Group has announced his retirement less than a month after the company's $13 billion buyout by Hong Kong's CK Group was sunk by the Federal Government.
APA said in a statement that its board has started the selection process for Mick McCormack's replacement after he decided to call an end to his 13-year stint as chief executive and managing director.
He will retire no later than the end of 2019.
"In deciding to call time, I know that the company is in a strong position, with excellent prospects, and with an exceptionally talented and committed team in place," Mr McCormack said.
Shares in APA Group soared in June after it opened its books to a Chinese consortium led by CK Infrastructure Holdings.
But despite approval by the ACCC, the $13 billion takeover was canned by Treasurer Josh Frydenberg last month on fears it would create a concentration of foreign ownership in the sector, .
APA shares dropped 1.12 per cent to $8.81 shortly after markets opened on Thursday.
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