Centrica has appointed Chris O’Shea as Group Chief Executive on a permanent basis with immediate effect.
Scott Wheway, Centrica Chairman, said:
“In the last few weeks since my appointment I have completed a review of both the internal and external candidates for this role and have come to the conclusion that Chris is comprehensively the best candidate for Centrica. I’m delighted to appoint him to the role on a permanent basis.
“The Board is confident that he is the right leader to navigate Centrica through and beyond the present Covid-19 crisis focusing on the welfare of our colleagues and customers, the financial resilience of the company and the agility to move quickly when we emerge from these unprecedented circumstances.”
Chris O’Shea said:
“It is a huge honour to be appointed to lead Centrica. The company has a long history of serving customers, strong market positions and over recent years has built the capabilities to help our customers transition to a low carbon future. I’m very proud of how the Centrica team is looking after our customers and our colleagues through the Covid-19 crisis.
“Beyond this present emergency our focus will be on creating value for all of our stakeholders through delivering growth in our customer facing businesses, the structural simplification of the Group, and building on the undoubted strengths and capabilities we have in our people and our businesses today.”
Chris O’Shea’s remuneration package will consist of a basic salary and variable incentive arrangements, in line with Centrica’s current remuneration policy and practice.
According to the announcement, O’Shea has already taken a voluntary reduction in salary of £100,000 in recognition of the current crisis and this reduction will continue until the company resumes normal operations.
The search for a new CFO has commenced, and an announcement will be made in due course.