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LONDON (Alliance News) - FTSE 100-listed SSE PLC said on Friday it has appointed Martin Read as chairman designate for the new independent energy supply and services company it has agreed to form alongside innogy SE, with effect on October 1.
In November SSE and innogy agreed to merge their businesses SSE Energy Services and Npower Group Ltd, innogy's retail business, which would float on the main market of the London Stock Exchange in March 2019.
In August, the Competition & Markets Authority gave its approval to the merger, and will publish its final decision on October 22.
Read will lead the board of the new company, alongside Chief Executive Officer Designate Katie Bickerstaffe and Chief Financial Officer Designate Gordon Boyd. After joining, Read will lead the recruitment of other members of the board for the new business.
Read joins from logistics company Wincanton PLC, where he is currently chairman and has been since the start of August. Prior to that he was chairman of Laird PLC for four years from 2014 to 2018, and before was chief executive of IT services firm Logica for 14 years from 1993 to 2007.
"We are delighted to appoint Martin as chairman designate in what is another important milestone on the journey to establishing a new, independent player in the British energy supply and services market. Martin's experience from executive and non-executive roles across a range of sectors, including mergers, acquisitions and initial public offerings, will be invaluable in establishing the new Board and ensuring the business is ready to hit the ground running," said SSE Chief Executive Alistair Phillips-Davies.
Shares in SSE were down 1.1% at 1,107.45 pence on Friday.
