REG - SSE Plc - SSE ANNOUNCES MARTIN PIBWORTH AS CHIEF EXECUTIVE

SSEAnnouncement

28/03/2025 07:15

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RNS Number : 5926C  SSE PLC  28 March 2025

 

SSE plc

SSE PLC ANNOUNCES MARTIN PIBWORTH AS CHIEF EXECUTIVE

 

SSE plc today announces the appointment of Martin Pibworth as Chief Executive
designate, following a competitive recruitment process. Current Chief
Executive Alistair Phillips-Davies CBE announced his decision to retire from
SSE in November 2024 and Martin will formally take over from Alistair
following SSE's Annual General Meeting (AGM) on 17 July 2025.

Martin joined SSE in 1998 and has progressively held a number of key
commercial roles in the Company over the last three decades, joining the
Executive Committee in 2012 and the Board in 2017. As Chief Commercial Officer
he has been overseeing SSE's Renewables, Thermal, Energy Markets and Energy
Customer Solutions businesses. Martin has a deep understanding of energy
markets and large capital projects, and has been at the heart of the design
and delivery of SSE's highly successful corporate strategy. Outside of SSE, he
is Chair of CBI Scotland and a longstanding Energy UK Board Member.

Sir John Manzoni said: "The Board is delighted to have appointed Martin as our
new Chief Executive. Martin is a proven industry leader, with deep sector
experience and a highly strategic outlook, demonstrating all of the attributes
needed to be a successful Chief Executive at this hugely exciting time for the
Company. The Board concluded that Martin was the outstanding candidate in a
very competitive process and I look forward to supporting him as he leads SSE
through the next phase of development and growth.

"Alistair has been an exceptional Chief Executive, leading the Company's
transition into being the UK and Ireland's clean energy champion, whilst
delivering true and lasting value for all of our stakeholders. As well as his
legacy at SSE, his support in ensuring a smooth handover of responsibilities
continues to be greatly appreciated."

Martin Pibworth said: "I'm excited to be leading SSE as the Company embarks on
its next stage of evolution and growth. As an integrated electricity group
focused on the energy transition, we are well-placed for long-term growth from
our established positions in networks, renewables and flexibility. In our
highly dynamic operating environment, we have the capabilities and portfolio
to manage complexity and volatility, whilst pivoting towards value as it
emerges. I look forward to continuing to work with governments, shareholders
and other stakeholders on powering society's needs whilst creating sustainable
value as we electrify the economy."

Today's announcement follows a robust succession process, led by SSE Chair Sir
John Manzoni and the Nomination Committee with the support of independent
recruitment specialists Korn Ferry. The process, which considered a strong
field featuring internal and external candidates, built upon the Board's
long-term Group Chief Executive succession planning activity.

Alistair Phillips-Davies will continue to serve as Chief Executive until the
AGM, at which point he will step down from the Board before leaving SSE in
November 2025. He will remain as non-Executive Chair of SSEN Distribution
during this time.

When both Alistair and Helen Mahy step down from the Board at the conclusion
of the AGM on 17 July 2025, the Board of SSE plc will comprise the Chair, two
Executive Directors and eight independent non-Executive Directors; and will
comprise six men and five women.

Notes and Remuneration Arrangements

Martin will be paid in accordance with the Directors' Remuneration Policy to
be proposed for approval by shareholders at the AGM. Subject to its approval,
his remuneration will consist of:

-     A base salary of £970,000 per annum. This will be effective from
17 July 2025. Base salary will be increased to £1,050,000 effective 1 April
2026.

-     A cash allowance in lieu of pension of 12% of salary and other
benefits in line with the Remuneration Policy.

-     Participation in an Annual Incentive Plan (AIP) of a maximum of 175%
of base salary for the 2025/26 performance year, increasing to a maximum of
200% of base salary for the 2026/27 performance year. Payment is subject to
performance conditions.

-     A long-term Performance Share Plan award of 275% of salary for the
2025 grant and increasing to 300% of salary for the 2026 grant. This vests
three years after grant. He is required to hold all vested shares for two
years.

-     Martin will be required to build up and maintain a shareholding of
300% of salary as per the Remuneration Policy.

Alistair's departure will be treated in accordance with the Directors'
Remuneration Policy and his service contract. He will be treated as a 'good
leaver' for the purpose of incentives. He will not receive a PSP award for
2025 and his AIP will stop accruing when he steps off the Board. He will
continue to be paid in line with the terms of his contract until the end of
November 2025. Full details will be disclosed on the Company's website in
compliance with Section 430(2B) of the Companies Act 2006, after he steps down
from the Board and will be disclosed in the 2025 Annual Report.

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)        Michael Livingston  +44 (0)345 0760 530

 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Glenn Barber        +44 (0)345 0760 530

                                                                          Ross Easton

            MHP                                                           Oliver Hughes       +44 (0)7885 224 532
                                                                          James McFarlane     +44 (0)7854142 665

 

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