25 July
2024
Centrica
plc
Chair
Succession
Centrica plc ("the Company") today announces that
Scott Wheway will step down as Chair of the Company after almost
nine years on the Board and five years as Chair and will not seek
re-election as a Director. The Board is pleased to announce that,
effective 16 December 2024, Kevin O'Byrne will succeed Scott and
will be appointed as Chair of the Company.
Kevin has served as a Non-Executive
Director of the Company since May 2019 and is currently the
Company's Senior Independent Director and a member of the
Nominations Committee and Audit and Risk Committee. Kevin was Chair
of Centrica plc's Audit and Risk Committee from 2019 to
2023.
In line with UK Corporate Governance
Code recommendations, as the Senior Independent Director was a
candidate for the role of Chair, non-executive director Amber Rudd
led a comprehensive search process, considering both internal and
external candidates.
Chris O'Shea, Group Chief Executive
said: "On behalf of the Board I would like to thank Scott for the
contribution he has made to Centrica, chairing the Board through a
period of significant volatility and change for the Company. On a
personal level, Scott has been a huge support to me and I have
learned a lot from working with him. Centrica is a very different
company to the one Scott asked me to lead in early 2020, and Scott
leaves with the business in a great position.
I am grateful to Amber for running
such a thorough and comprehensive process and I'm delighted Kevin
has agreed to become our next chair. I'm looking forward to working
with Kevin and the Board to drive further growth as we work to
capture the opportunities our uniquely integrated business model
creates for us."
Kevin O'Byrne, Senior Independent
Director and Chair Designate said: "I am honoured and excited to
take on the role of Chair at Centrica. I look forward to building
on the strong foundations Scott has laid over his time as Chair,
and to working with the Board, Chris and the executive team to
execute the Company's strategy and deliver material value for all
our stakeholders".
ENDS
Notes:
There are no other matters that
require disclosure under rule 9.6.11R or 9.6.14R of the UK Listing
Rules.
The Board has confirmed that Kevin
O'Byrne is independent upon appointment.
Kevin O'Byrne will receive an annual
fee of £440,000. Kevin will not be eligible to receive any
pension or cash in lieu of pension allowance or participate in any
discretionary compensation plans or long-term incentive
plan.
Note to editors:
Kevin brings extensive executive and
Board experience, in addition to knowledge of Centrica's
operations, to the role. He has significant experience of complex
financial and capital allocation decision making matters. Kevin has
held CFO and CEO roles in a number of leading UK and international
retailers since 2004, including Chief Financial Officer of J
Sainsbury plc from 2017 to 2023. He was previously an executive
director of Kingfisher plc and Dixons Retail plc. He was a
non-executive director of Land
Securities plc from 2008 to 2017 where he was Chair of the Audit
Committee and Senior Independent Director. Kevin is currently also
a non-executive director of NYSE listed International Flavors &
Fragrances Inc (IFF), a multinational market leading supplier to
the food, beverage, beauty, and household and
personal care sectors. At IFF he is Chair of the
Governance & Corporate Responsibility Committee and sits on the
Innovation and Audit Committees.
Enquiries:
Investors and Analysts:
tel: +44 (0)1753
494900
email: ir@centrica.com
Media:
tel: +44 (0)1784 843000
email: media@centrica.com
Centrica
plc is listed on the London Stock Exchange (CNA)
Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire
SL4 5GD
Registered in England & Wales number: 3033654
Legal Entity Identifier number: E26EDV109X6EEPBKVH76
ISIN number: GB00B033F229