British Gas owner Centrica has confirmed that chief executive Iain Conn will step down next year, putting an end to a five-year tenure which has been beset by upheaval in the energy industry and a tumbling share price.
British Gas owner Centrica has warned unusually warm weather and a £70 million hit from the energy price cap will impact first half results as it also suffered a further customer exodus.
The chief executive of British Gas owner Centrica pocketed a £2.4 million pay packet last year, despite the firm losing hundreds of thousands of customers as it embarked on a major jobs cull.
Centrica Plc shares rose the most in more than six months after Britain’s energy regulator published its long-awaited cap on power and gas bills for as many as 11 million customers.
The latest threat to the dominance of Britain’s six biggest energy suppliers is coming from small technology companies that automatically switch consumers to the cheapest deal.
British Gas owner Centrica has reported a 20% slump in earnings at its residential supply arm and raised the prospect of further tariff hikes as it said wholesale prices have continued to surge.
The man who steered Centrica’s energy division through its takeover of Aberdeen-based oil and gas company Venture Production nearly nine years ago is to retire.