Long-serving Pacific Energy chief executive Jamie Cullen will step down after a decade-long stint, shortly after the business secured $1 billion worth of growth capital.
Long-serving Pacific Energy chief executive Jamie Cullen will step down after a decade-long stint, shortly after the business secured $1 billion worth of growth capital.
Mr Cullen has overseen Pacific’s growth since 2015 when the company was publicly listed and remained in charge when the remote power specialist was privatised in 2019 by investment firm QIC for $422 million.
Under his watch, Pacific has dramatically grown the amount of electricity it has under contract – riding the wave of the renewable energy transition to position itself as an industry leader in remote generation.
The company is in the process of planning a third facility at Perth Airport, while QIC recently completed a $2 billion refinancing and equity raise which equipped the firm with $1 billion to further its rapid growth.
Business News understands Pacific Energy is on the cusp of hitting 1 gigawatt of electricity under contract across its business, having doubled its contract book since QIC’s acquisition in 2019.
The contract book currently sits at 946MW of capacity under management.
Mr Cullen will hand the reins over to chief operating officer Mike Hall, who started in the industry with a firm later acquired by Pacific as an electrician in 2004, and later established Hybrid Systems Australia – itself acquired by Pacific in 2022.
The handover will take place during October, with Mr Hall starting in the job on October 1 and Mr Cullen staying with the company until October 31.
Pacific non-executive chair Cheryl Edwardes thanked Mr Cullen for his contribution and welcomed Mr Hall to the job.
“During Jamie’s tenure, the company has achieved significant success, including the acquisition and consolidation of multiple subsidiaries to establish a unique and differentiated organisation, as well as expansion into multiple new markets,” she said.
“Pacific Energy’s record profit results last year are a testament to Jamie’s commitment and contribution to the organisation, and he has been key in establishing Pacific Energy’s strong foundations for the next phase of growth.
“We are delighted to welcome Mike Hall to the role.
“Mike has worked closely with the CEO for several years pursuant to the company’s succession plan. His deep industry knowledge and proven track record with the company make him the ideal leader for Pacific Energy’s next chapter of growth.”
Mr Cullen said he was particularly proud of Pacific’s contributions to the decarbonisation of remote mining over the latter part of his tenure with the business.
“I leave Pacific Energy knowing that the business is well positioned for future success under Mike’s leadership,” he said.
