Centrica announces the appointment of a new Group Chief Financial Officer

18 January 2021

Investor and Analysts

Media Relations

Centrica plc announces that, for personal reasons, Johnathan Ford will step down today as Group Chief Financial Officer and from the Board and will leave Centrica on 31 January 2021.

Kate Ringrose is appointed Group Chief Financial Officer with immediate effect. Kate has been with Centrica for 16 years and has most recently been Group Financial Controller, having previously held a variety of roles across the energy, services and trading businesses. Kate will also join the Centrica plc Board as an Executive Director.

Chris O’Shea, Centrica Group Chief Executive, said:

“I am very sorry to see Johnathan leave and would like to thank him for his contribution to the Company and wish him and his family well for the future. However, I am delighted that we have a very capable internal successor in Kate, who brings a wealth of experience from a wide range of finance roles across Centrica. I look forward to working closely with Kate as we continue to focus on delivering the turnaround of Centrica”.

Johnathan Ford, outgoing Group Chief Financial Officer, said:

“I am pleased to have been involved in the initial stages of the turnaround of Centrica and I am disappointed I will not be able to see it through to its conclusion. However, the Company has made fundamental progress over the past year and I wish Chris, Kate and the rest of the Centrica team well for the future.”

Kate Ringrose, incoming Group Chief Financial Officer, said:

“I am honoured to have been appointed as Centrica Group Chief Financial Officer. While there remains a lot to achieve to complete the turnaround of the Company, I have seen first-hand that we have the people, capabilities and market positions to do so. I look forward to working with Chris, the Board and colleagues across the Group and playing my part in the turnaround of Centrica.”

NOTES

Kate Ringrose joined Centrica in 2005. Her most recent role has been Group Financial Controller, and she has also held a wide variety of positions across the Group, including in Centrica’s energy supply, services, solutions and trading businesses, and in finance operations. Prior to joining Centrica, Kate qualified as a chartered accountant with KPMG South Africa, before relocating to the UK with KPMG.

There are no additional details to be disclosed under Listing Rule 9.6.13 R.

Remuneration:

Johnathan Ford resigned from his role and Centrica waived its right to contractual notice. Therefore, all remuneration entitlement ceases on his leaving date, 31 January 2021, with no further payments due to be made to Johnathan Ford after this date.

Kate Ringrose's remuneration package will consist of a basic salary, benefits and variable incentive arrangements which are in line with Centrica's remuneration policy. The key elements of Kate Ringrose’s remuneration package are as follows:

Base salary of £450,000
Pension contribution of 10% of base salary

Incentives and other benefits will be in accordance with the remuneration policy set out in the Group's 2017 Annual Report and Accounts and approved by shareholders at the 2018 AGM. The annual bonus maximum award will be 150% of salary and the usual annual LTIP grant will be 175% of base salary.