Centrica hunt for new chairman as boss to leave after six years

BRITISH GAS owner Centrica is on the hunt for a new chairman after confirming that its boss of nearly six years will step down within the next 12 months.

The company announced on Tuesday that Rick Haythornthwaite has informed the board of plans to leave the role and that the process to appoint a successor is now under way.

Mr Haythornthwaite will stay on until a new appointment has been made.

The chairman will have served on the board for more than half a decade by the time he steps down, having become a nonexecutive director in October 2013 and chairman in January 2014.

“Chairing Centrica has been a real privilege, and the group has made material progress against a challenging external environment, including significant fundamental changes in the energy landscape,” Mr Haythornthwaite said.

He added that his tenure has been marked with the appointment of new chief executive Iain Conn, the development of a new strategy and “significant changes to Centrica’s portfolio and capabilities”.

“The first phase of strategic implementation has been completed, the board has been refreshed and the balance sheet materially strengthened.

“I am immensely grateful to my fellow board members for their support and hard work during my tenure as chairman and I look forward in time to an orderly handover to my successor.”

Centrica shares were down 0.8 per cent in early trading.

The changeover comes as the energy market prepares for a government-enforced price cap set to be introduced on standard variable tariffs (SVTs) later this year.