Centrica Regulatory News (CNA)

25 July 2024

Centrica plc

Chair Succession

Centrica plc ("the Company") today announces that Scott Wheway will step down as Chair of the Company after almost nine years on the Board and five years as Chair and will not seek re-election as a Director. The Board is pleased to announce that, effective 16 December 2024, Kevin O'Byrne will succeed Scott and will be appointed as Chair of the Company.

Kevin has served as a Non-Executive Director of the Company since May 2019 and is currently the Company's Senior Independent Director and a member of the Nominations Committee and Audit and Risk Committee. Kevin was Chair of Centrica plc's Audit and Risk Committee from 2019 to 2023.

In line with UK Corporate Governance Code recommendations, as the Senior Independent Director was a candidate for the role of Chair, non-executive director Amber Rudd led a comprehensive search process, considering both internal and external candidates. 

Chris O'Shea, Group Chief Executive said: "On behalf of the Board I would like to thank Scott for the contribution he has made to Centrica, chairing the Board through a period of significant volatility and change for the Company. On a personal level, Scott has been a huge support to me and I have learned a lot from working with him. Centrica is a very different company to the one Scott asked me to lead in early 2020, and Scott leaves with the business in a great position.

I am grateful to Amber for running such a thorough and comprehensive process and I'm delighted Kevin has agreed to become our next chair. I'm looking forward to working with Kevin and the Board to drive further growth as we work to capture the opportunities our uniquely integrated business model creates for us."

Kevin O'Byrne, Senior Independent Director and Chair Designate said: "I am honoured and excited to take on the role of Chair at Centrica. I look forward to building on the strong foundations Scott has laid over his time as Chair, and to working with the Board, Chris and the executive team to execute the Company's strategy and deliver material value for all our stakeholders".

ENDS

Notes:

There are no other matters that require disclosure under rule 9.6.11R or 9.6.14R of the UK Listing Rules.

The Board has confirmed that Kevin O'Byrne is independent upon appointment.

Kevin O'Byrne will receive an annual fee of £440,000. Kevin will not be eligible to receive any pension or cash in lieu of pension allowance or participate in any discretionary compensation plans or long-term incentive plan.

Note to editors:

Kevin brings extensive executive and Board experience, in addition to knowledge of Centrica's operations, to the role. He has significant experience of complex financial and capital allocation decision making matters. Kevin has held CFO and CEO roles in a number of leading UK and international retailers since 2004, including Chief Financial Officer of J Sainsbury plc from 2017 to 2023. He was previously an executive director of Kingfisher plc and Dixons Retail plc. He was a non-executive director of Land Securities plc from 2008 to 2017 where he was Chair of the Audit Committee and Senior Independent Director. Kevin is currently also a non-executive director of NYSE listed International Flavors & Fragrances Inc (IFF), a multinational market leading supplier to the food, beverage, beauty, and household and personal care sectors. At IFF he is Chair of the Governance & Corporate Responsibility Committee and sits on the Innovation and Audit Committees.

Enquiries:

Investors and Analysts:

tel: +44 (0)1753 494900 

email: ir@centrica.com

Media:

tel: +44 (0)1784 843000

email: media@centrica.com

Centrica plc is listed on the London Stock Exchange (CNA)Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD

Registered in England & Wales number: 3033654Legal Entity Identifier number: E26EDV109X6EEPBKVH76ISIN number: GB00B033F229