Centrica plc (LON:CNA) has announced that Russell O’Brien will be appointed Group Chief Financial Officer (CFO) and an Executive Director on 1 March 2023. Kate Ringrose will step down as CFO and an Executive Director on 28 February 2023 and is expected to leave Centrica towards the end of 2023 after an orderly transition.
Chris O’Shea, Centrica Group Chief Executive, said:
“I want to pay tribute to Kate’s achievements during almost 20 years at Centrica and to thank her for the unstinting support she’s given me during my time as both CFO and CEO. Kate has made a significant contribution to the company and helped steer us through a challenging external landscape. Kate leaves with our very best wishes for the future.
Centrica has made significant progress over the last three years and is now more efficient and competitive. We have a focussed portfolio of complementary businesses with a transformed balance sheet, and we are now well placed to drive growth across the portfolio and deliver improved shareholder returns.
I’m delighted that we have been able to secure someone of Russell’s calibre to be our new CFO. In his long-standing role as Group Treasurer at Shell, Russell was instrumental in delivering shareholder value and setting a clear financial framework for investors. Russell’s broad experience across the energy value chain, including roles as global CFO for both Shell’s Integrated Gas and Retail businesses, will be a huge asset to Centrica as we look to accelerate the creation of shareholder value whilst helping decarbonise the energy system.”
Kate Ringrose, outgoing Group Chief Financial Officer, said:
“It has been an absolute privilege to be part of the team delivering the turnaround of Centrica. I have enjoyed my time with the company immensely but after almost 20 years it is now time for a new challenge. I have every confidence that the company is on the right track and I’d like to wish Chris, Russell and the rest of the Centrica team all the very best for the future.”
Russell O’Brien, incoming Group Chief Financial Officer, said:
“I am honoured to have been appointed as Centrica CFO. The energy transition is happening now, and I’m excited by the opportunities which we have. I am looking forward to working with our 20,000 colleagues, the leadership team and the Board and to being a part of shaping the future for the Company.”
Notes:
Russell O’Brien’s most recent role was as Group Treasurer at Royal Dutch Shell plc. Prior to this he has held a number of senior Chief Financial Officer roles within Royal Dutch Shell plc. He is a Management Accountant who graduated from St. Andrews university in 1995.
There are no additional details to be disclosed under Listing Rule 9.6.13 R.
Remuneration:
The terms of Kate Ringrose’s exit will be in accordance with Centrica’s remuneration policy. In particular:
· Kate will be eligible to be considered for an annual bonus for the period worked during the 2023 financial year.
· Existing LTIP and RSP awards will be pro-rated based on the performance period that has elapsed at the point of termination and will vest on the normal vesting dates, subject to relevant performance conditions and underpins. Holding periods of 2 years will apply to any vested shares.
· A post-cessation shareholding requirement will apply in line with the Policy.
Details of the remuneration payable to Kate Ringrose will be disclosed on the Centrica website, in compliance with Section 430(2B) of the Companies Act 2006. Russell O’Brien’s remuneration package will consist of a base salary, benefits and variable incentive arrangements which are in line with Centrica’s remuneration policy. The key elements of the remuneration package are as follows:
· Base salary of £540,000.
· Pension contribution of 10% of base salary.
· Annual bonus maximum opportunity of 150% of salary.
· Annual Restricted Share Plan award of 125% of salary.
Incentives and other benefits will be in accordance with Centrica’s remuneration policy.
