REG - SSE Plc - Directorate Change

SSEAnnouncement

21/04/2023 12:30

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RNS Number : 0925X  SSE PLC  21 April 2023

CHIEF FINANCIAL OFFICER APPOINTMENT

SSE plc is announcing that, following a competitive recruitment process
supported by an external executive search firm, Barry O'Regan will be
appointed as Chief Financial Officer and as an Executive Director of SSE plc,
effective 1 December 2023.  Barry will also join SSE's Group Executive
Committee from the same date. Outgoing incumbent Finance Director Gregor
Alexander will step down from the Board on the same date, before retiring and
leaving SSE at the end of March 2024 after an orderly transition.

Barry O'Regan is currently Finance Director of SSE Renewables as well as
having responsibility for corporate finance across the whole of SSE Plc. Barry
trained as a chartered accountant with PWC in Dublin before joining Airtricity
in 2005, and subsequently the SSE Group in 2008.

With nearly 20 years' experience working in the energy sector, Barry has a
wealth of knowledge across financial control, corporate finance and M&A,
treasury, reporting and operational finance. He also has detailed experience
of working with SSE's credit rating agencies. He has been integral to the
strategic refocusing of the Company over the last decade and has led the
execution of many acquisitions and divestments, including SSE's international
expansion, as well as contributing significantly to establishing SSE
Renewables and its subsequent strategic progress.

Gregor Alexander, who joined SSE at its inception in 1998 and has been Finance
Director since 2002, will continue in his positions as Chair of SSE
Transmission's Board and as a director on the Board of Neos Networks Limited,
SSE's joint venture with Infracapital Partners.

The transition will also include transferring Gregor's current
responsibilities for SSE's IT and General Counsel teams to the Chief
Executive, and Procurement to the Chief Commercial Officer, resulting in Barry
holding a more traditional CFO role.

Alistair Phillips-Davies, SSE Chief Executive, said:

"I want to pay tribute to Gregor's achievements since SSE's creation and to
thank him for the unstinting support and sage advice he's given me during my
time as CEO.  He has shown throughout his career huge energy and enthusiasm
for the business and particularly all of the people who have contributed to
making SSE the success it is today. Gregor has made an exceptional
contribution to the Company and helped steer us through challenging times
whilst positioning us for the hugely bright future we have as the UK's clean
energy champion with a growing international footprint. I wish him well in
retirement knowing that he will undoubtably be contributing to the net zero
ambitions of Scotland, the UK and beyond."

"In Barry we have secured a hugely capable successor who has been instrumental
in our strategic realignment in the last decade, both corporately and in SSE
Renewables. Barry has all the financial capabilities and energy value chain
knowledge to help propel SSE to new heights as we take forward our Net Zero
Acceleration Programme and continue to grow the Group, I look forward to
working with him more closely on the delivery of the vision for SSE"

Barry O'Regan, incoming Chief Financial Officer, said:

"I am honoured to have been appointed as SSE's CFO. The opportunities facing
SSE are huge and we have a clear strategy, strong capabilities and a firm
financial footing from which to take them. I am looking forward to working
with our colleagues, the leadership team and the Board as we build on past
successes whilst scaling new heights as we secure more high-quality growth
options across the Group."

Gregor Alexander, outgoing Finance Director, said:

"It has been an absolute privilege and honour working for SSE over the last 32
years, in a company that has such a strong purpose and heritage driving
forward the UK's net zero ambitions. I have enjoyed my time with the Company
immensely but the time is right to pass onto the next generation of leaders
and I am delighted to be handing the baton to Barry to whom I wish every
success in the role. I would like to thank all the colleagues I have worked
closely with over the years but especially my team: my fellow Executive
Directors, Alistair, and Martin; and the Board for all their support. I wish
them all the very best for the future."

The Company confirms there is no further information required to be disclosed
pursuant to paragraph 9.6.13 of the UK Listing Rules.

Barry O'Regan's remuneration package will consist of a basic salary, benefits
and variable incentive arrangements which are in line with SSE's Remuneration
Policy.  Details of both Barry's remuneration package and Gregor's
remuneration arrangements will be published in detail in SSE's forthcoming
Annual Report in June 2023.

 

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