AGL Energy has ditched its plans to spin off its coal plants following strong opposition from tech billionaire Mike Cannon-Brookes.
The energy giant said it didn't believe the proposal would receive the required three-quarters vote at a shareholder meeting June 15.
AGL chairman Peter Botton and chief executive Graeme Hunt plan to resign as soon as replacements are found, as the energy giant looks for a path forward. Two non-executive directors are also out.
