Andy Skelton, CFO of Drax (LON: DRX), has announced that he will retire after his firm finds his replacement.
After six years with the firm, the chief financial officer has said he wants to “spend more time with my family and pursue other personal interests”.
Skelton joined the firm as CFO in January 2019 following a three-year stint at Fidessa.
Drax confirmed in a stock market update that Skelton will remain “director of the Company and as CFO until a successor is in place”.
The firm said that the recruitment process from Skelton’s replacement will now commence.
The outgoing CFO said: “I am choosing to retire from corporate life to spend more time with my family and pursue other personal interests in the knowledge that we have built a firm foundation from which Drax can execute its strategy and continue to develop opportunities for value creation and growth, while delivering its purpose of enabling a zero carbon lower cost energy future.
“I have thoroughly enjoyed my time at Drax. I look forward to continuing to contribute through 2025 until my successor is established.”
Earlier this year a report by Ember claimed that the Drax power station in Yorkshire receives £550 million per year in green subsidies despite being the largest single carbon emitter in the UK.
In August the think tank wrote that the Drax biomass power station emitted 11.5 million tonnes (Mt) of CO2 in 2023, accounting for nearly 3% of total UK emissions.
In an interview with Energy Voice Drax UK BECCS programme director and chair of the Humber Energy Board, Richard Gwilliam, explained how the firm aims to slash emissions.
He explained that this will be achieved through the development of bioenergy with carbon capture and storage (BECCS) at Drax Power Station.
Will Gardiner, chief executive of Drax, commented: “On behalf of the Board, I would like to thank Andy for his contribution to Drax over the last six years.
“Andy and I have worked together for many years. Andy is a Board member, a trusted colleague and a friend. We will be sorry to see him leave but fully respect his decision to retire from corporate life and we wish him the very best for the future.
“Andy has played an instrumental role in the growth and development of the Group, putting in place a strong financial foundation on which we will continue to build, as well as an experienced finance team.”
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