GAS infrastructure specialist the APA Group reports that its long standing chief financial officer, Peter Fredricson, has indicated his intention to retire.
In the interests of an orderly and smooth transition to a new CFO, Mr Fredricson will remain with the company until December 2020, at the latest, with the aim of supporting the new CFO during the transition period.
“Peter has made a huge contribution to APA since he joined in 2009. He has overseen all of APA’s key acquisitions and capital raisings in that time, helping to take APA from $1.3 billion market cap in June 2009 to $13.7 billion market cap as of today. Peter was instrumental in APA achieving BBB and Baa2 credit ratings in 2009 and 2010 respectively,” APA’s managing director Rob Wheals said.
“Peter’s relentless focus on maintaining a strong balance sheet and efficient cost of capital has been a significant contributor to enabling APA’s growth over this period.
“APA’s acknowledged financial track record of year-on-year EBITDA and distribution growth are testament to Peter’s meaningful contribution both as part of the Executive team and as CFO.
“That’s a record anyone should be proud of and Peter will leave having helped APA achieve an unrivalled position as Australian’s leading energy infrastructure business.”
Mr Fredricson said he had enjoyed the last 10 years of his career helping build APA into the $23 billion Enterprise Value business that it is today.
“I am looking forward to a new stage to end out my career and post completing my obligations with APA. I will certainly look forward to Rob and his team taking APA to even greater heights”.
APA will commence a search for a new CFO in early 2020.