LONDON (Alliance News) - SSE PLC said Monday it has appointed a chief financial officer designate for the new British energy supply and services company that it will form with innogy SE.
Gordon Boyd will take up his new role July 4. He will "play a key role in the work being done to plan a prepare for the formation and listing of the new company". The listing "remains on course" to take place in the last quarter of 2018 or the first quarter of 2019.
The combined retail company will be listed on the premium segment of the London Stock Exchange, SSE said. It noted the new company will not be controlled by either innogy or SSE. innogy will hold a minority stake of 34.4%, while SSE will demerge its stake of 65.6% to its shareholders upon completion of the transaction.
Boyd has "significant experience" in the energy sector and "major" listed companies. He has more than 30 years experience having originally joined the energy sector in 1989.
He went on to hold senior finance leadership positions at British Energy and EDF Energy - as well as overseeing the initial public offerings of both Drax Group and Infinis Energy PLC.
Boyd is the second appointment to the board of the new company after Katie Bickerstaffe was confirmed as chief executive designate in April.
In November, SSE and npower announced the merger of SSE's household supply and service with that of npower, owned by innogy, which was set to create a major float on the London Stock Exchange, with the enlarged and independent business looking to take a premium listing.
However, things were potentially complicated when innogy was bought by German firm E.ON SE from domestic rival RWE AG.
SSE said in mid-March one requirement of the retail unit merger with npower was approval from Innogy's supervisory board, and this, it said, included no provision relating to a change of control. As a result, it said at the time it did not believe the E.ON deal with RWE will affect its own merger.
SSE Chief Executive Alistair Phillips-Davies said: "This appointment represents another important milestone on the journey to establishing a new, independent player in the British energy supply and services market. Gordon brings to the role a wealth of highly relevant experience, which will be invaluable as we prepare to bring the new company to market and beyond. We continue to believe that the combination of the two companies as an independent player can deliver real benefits to customers and the wider energy market and Gordon's appointment further signals the ongoing commitment from both parties to progressing the transaction and giving the new company the best possible foundation for success."
Boyd said: "This is an exciting time to be planning the formation and listing of a major new player in the energy and services market and I'm delighted to join the new leadership team. The new company presents a unique opportunity to apply best practice from both companies whilst becoming more efficient, ultimately to the benefit of both customers and shareholders."
Shares in SSE were up 0.2% at 1,345.00 pence each.
SSE (SSE)