May 8, 2018

British Gas owner Centrica starts hunt for new chairman

British Gas owner Centrica said on Tuesday that its chairman has given notice of his intention to retire, opening up a search for a replacement at a testing juncture for the UK's 'big six' energy suppliers. Ahead of next week's annual shareholder meeting, Rick Haythornthwaite said he would step down within the next 12 months, having then served for six years on the group's board. He first joined as a non-executive director in October 2013. In February, Centrica cited the government's price cap on energy bills as one of the main causes of a 17 per cent fall in profits and the loss of 4,000 of its jobs. The UK's competition watchdog underlined the challenges facing energy companies, when it demanded a full investigation into the proposed tie-up between other 'big six' providers SSE and Npower.

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