Centrica PLC (LON:CNA) today announced that Iain Conn, Group Chief Executive Officer, has agreed with the Board that he will step down as CEO and retire from the Board next year.
Today’s Strategic Update announcements mark an important moment in our transformation and we are now moving into a new phase, ready to exit our E&P businesses and fully committed to becoming a simpler and more focussed, cost competitive customer facing business.
Iain will continue as CEO to drive the repositioning of the company’s portfolio and improve underlying performance as it continues to gain momentum. We anticipate that he will remain with the Company at least until the 2020 Annual General Meeting and provide his full support to help with the transition. The Board will plan succession accordingly and provide updates in due course.
Charles Berry, Chairman of Centrica, said:
“Iain has led the strategic repositioning of Centrica since 2015 and has been the driving force behind our plan to turn Centrica into a sustainable business that is built around delivering clean, affordable energy and high-quality services and solutions for our customers, and to respond to the significant global challenge of moving to a lower carbon energy future.
Iain has now agreed with the Board that, while he will continue to focus on driving this transformation, including pursuing the announced divestments and continuing to drive performance and efficiency, he will also support an orderly succession before stepping down in due course.
I would like to take this opportunity to thank Iain for his hard work and passion, and for his ongoing commitment to transforming Centrica into a business with a stronger foundation for sustainable growth.”
Mr. Conn will be treated in accordance with Centrica’s approved remuneration policy and his service contract for the remaining term of his employment. All Long Term Incentive Plan (LTIP) awards which are unvested at the point that Mr. Conn leaves the company will lapse in full. No further LTIP awards will be granted.
Full details will be disclosed on the Centrica website in due course in compliance with Section 430(2B) of the Companies Act 2006 and in the Directors’ Remuneration Report within the Company’s Annual Report and Accounts for the year ended 31 December 2019, and subsequent years, as appropriate.