The chairman of Victorian energy "poles and wires" operator AusNet Services, Ng Kee Choe, will step down from the group and hand the reins to investment banker Peter Mason.
Mr Ng, who has been chairman of the energy infrastructure group for more than 10 years, will retire on May 11 and be immediately replaced by Mr Mason, an advisor to UBS Investment Bank.
AusNet Services owns and operates more than $11 billion of electricity and gas distribution assets and is the largest diversified energy network business in Victoria.
"Throughout his tenure as Chairman, Mr Ng has consistently provided strong leadership and guidance to the board and management," Ausnet said in a statement.
AusNet Services lifted first half profit to $374.5 million in the six months to September 30, which compared to a $4.9 million loss for the prior corresponding period.
Earnings before interest, taxation, depreciation and amortisation rose 22.9 per cent to $650.4 million, largely due to increased prices and volumes in electricity and gas distribution.
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