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Centrica announces Board changes

Centrica plc (LON:CNA) has today announced that its Chairman, Charles Berry, who has been on medical leave since the 12 February 2020, has tendered his resignation with immediate effect. Charles’ decision follows advice from doctors to reduce his workload.

The Company therefore confirms the appointment of Scott Wheway as its Chairman, effective immediately. Scott has been a Non-Executive Director of Centrica since 2016 and acting Chairman since 12 February 2020, and is a well-qualified successor to Charles, with deep knowledge of the Company, strong plc Board experience and in-depth customer facing pedigree.

Charles Berry said: “It has been a great honour to Chair Centrica, but when the doctor tells you to reduce your workload, you are wise to listen. I wish everyone at Centrica great success in the future.”

The Board would like to thank Charles for his service to Centrica. We wish him a swift and full recovery from his recent ill health and greatly appreciate his contribution to the company’s repositioning during his tenure.

Centrica also announces that Chris O’Shea, currently Group Chief Financial Officer (CFO), will become Interim Group Chief Executive (CEO) while the search for a permanent CEO continues. Iain Conn will step down as CEO and from the Board from today. He will remain available until the Annual General Meeting on 11 May 2020, as anticipated, to support the handover but the day to day leadership of the Company will pass to Chris.

Scott Wheway said “I’m acutely aware that I’m taking this role at a time when we need to navigate our way through the current volatility caused by the impact of Coronavirus. Protecting our employees and customers is a priority for us, particularly those who are vulnerable. As a business we remain focussed on structural simplification, improving our efficiency and delivering growth in our customer facing businesses.

“I will immediately be concentrating on completing the search for a CEO for Centrica, which includes both internal and external candidates. In the meantime, I have asked Chris O’Shea to take over as Interim CEO until that search is concluded. Chris is an experienced CFO with a strong track record of cost efficiency and financial discipline, and I will work closely with him during this period.

“On behalf of the Board, I would like to thank Iain for his continued commitment and resilience in the face of unprecedented challenges during his tenure as CEO. Iain has led the repositioning of the company back towards the customer and towards a lower carbon future and has delivered significant portfolio simplification, debt reduction and cost efficiency. The Board wishes Iain well and thanks him for his contribution.”

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