(Alliance News) - National Grid PLC on Thursday said its begun a process to find a new chair after incumbent Peter Gershon announced his intention to step down.
He will stand for re-election in July 2020 during National Grid's annual general meeting, but only to "to facilitate an effective succession", the company said.
"It is intended that he remains as chair until his successor has been successfully onboarded," the National Grid added.
Senior Independent Director Mark Williamson will lead the search for a replacement, National Grid said.
Gershon has been chair since January 2012, and National Grid said it would be in its "best interests for Peter to remain as chair for up to one year past his nine-year tenure to 2021".
National Grid explained that this is in order "to maintain continuity" as the RIIO-T2 regulatory price controls process comes to an end.
National Grid shares were 0.3% higher at 1,025.00 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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