Centrica chief has his pay halved

THE boss of British Gas owner Centrica saw his pay slashed by more than half last year after a slump in profits.

Iain Conn picked up £1.7m, down from £4m in 2016, and did not get any annual bonus because of poor performance.

He would have otherwise been entitled to a payout worth £600,000.

Pay- setters have also cut the maximum he could get under long- term bonuses this year from £2.8m to £2.3m because of a steep fall in the share price.

Conn’s base salary of £936,000 a year has been frozen until the situation improves.

Centrica profits dived 80pc to £486m last year because its business supply divisions in Britain and North America were hit by highly competitive markets and unusually warm weather.

A profit warning in November sent the stock to an 18-year low, and Conn announced 4,000 job cuts because ministers’ plans to cap energy bills will further damage its operations.

The 55-year-old father of three was poached from BP at the start of 2015 with a generous package which included a £2m golden hello. But shares have dropped 48pc since.

Conn has attacked plans for a price cap. Last year he said: ‘Reregulating free markets will be watched closely in other sectors at a time we are preparing for Brexit.

‘Price regulation will result in reduced competition and choice, stifle innovation and potentially impact customer service. This will negatively impact consumers.’