Group Chief Executive appointment

Centrica plc is pleased to announce the appointment of Chris O’Shea as Group Chief Executive on a permanent basis with immediate effect.

Scott Wheway, Centrica Chairman, said:
“In the last few weeks since my appointment I have completed a review of both the internal and external candidates for this role and have come to the conclusion that Chris is comprehensively the best candidate for Centrica. I’m delighted to appoint him to the role on a permanent basis.

“The Board is confident that he is the right leader to navigate Centrica through and beyond the present Covid-19 crisis focusing on the welfare of our colleagues and customers, the financial resilience of the company and the agility to move quickly when we emerge from these unprecedented circumstances.”

Chris O’Shea said:
“It is a huge honour to be appointed to lead Centrica. The company has a long history of serving customers, strong market positions and over recent years has built the capabilities to help our customers transition to a low carbon future. I’m very proud of how the Centrica team is looking after our customers and our colleagues through the Covid-19 crisis.

“Beyond this present emergency our focus will be on creating value for all of our stakeholders through delivering growth in our customer facing businesses, the structural simplification of the Group, and building on the undoubted strengths and capabilities we have in our people and our businesses today.”

Notes

Chris O'Shea was appointed to the Centrica Board as Group Chief Financial Officer on 1 November 2018 and became interim CEO with effect from 17 March 2020.

Chris O’Shea’s remuneration package will consist of a basic salary and variable incentive arrangements which are in line with Centrica’s current remuneration policy and practice. The key changes to his current arrangements are a base salary of £775,000 and a reduction from 15% to 10% pension contribution.

In recognition of the current crisis, Chris has already taken a voluntary reduction in salary of £100,000. This reduction will continue until the company resumes normal operations.

The company has commenced a search for a new Chief Financial Officer, and an announcement will be made in due course.