REG - Centrica PLC - Chair Succession

CentricaAnnouncement

25/07/2024 07:00

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RNS Number : 7605X  Centrica PLC  25 July 2024

 

 

 

 

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 (mailto:ir@centrica.com)

 

Media:

tel: +44 (0)1784 843000

email: media@centrica.com (mailto: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

 

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