29th May 2014 11:31
(Items published at 0837 BST misstated the surname of Aggreko's interim chief financial officer. The correct version follows.)
LONDON (Alliance News) - Centrica PLC confirmed Thursday that Chris Weston, the head of British Gas, is leaving the company to take up the post of chief executive of temporary power provider Aggreko PLC, leaving Centrica without its top three executives.
The British energy supplier said Weston is managing director of Centrica's International Downstream division and joined the company in 2001. He is subject to 12 months notice, Centrica said, and a further announcement will be made soon regarding the time of his departure and his successor.
?Chris has made an important contribution to Centrica over 11 years, leading a number of our businesses, in the UK and North America. We will be sorry to see him leave but recognise that Aggreko offers a great opportunity for him," Chief Executive Sam Laidlaw said in a statement.
In a separate statement, Aggreko said Weston is expected to join the company next year and said that Angus Cockburn will continue his role as interim chief executive officer in the short term, before stepping down from the group later in the year.
The news comes after Serco Group PLC poached Aggreko's former chief executive, Rupert Soames, in February in order to help revive its struggling business.
Aggreko also said Thursday it has confirmed Carole Cran, its current interim chief financial officer, in the CFO position with immediate effect. Cran joined the company in 2004.
"Aggreko is a fascinating business and I'm very excited to be taking on this role. I have watched and admired Aggreko's tremendous growth over recent years, and I look forward to working with Carole and the entire management team to develop the company further in the coming years," Weston said in a statement.
The news is damaging to Centrica, which is now left searching to replace its top three executives amid profit warnings, while fending off political pressure over energy prices in the UK and threats of being broken up by an ongoing UK competition enquiry.
Earlier in May, the company also had to provide its second profit warning so far in 2014, blaming extreme winter weather in the US, mild conditions in the UK, and the intense pressure that has been put on energy providers in the UK in recent months by politicians and consumer groups.
Centrica said at the time that it expects adjusted earnings per share to be between 22 pence and 23 pence in 2014, down from 36.6 pence in 2013. In February, the company had said it expected full-year earnings per share to be lower but didn't give a specific range. Centrica's adjusted figures exclude exceptional items and some other items.
Centrica Chief Executive Sam Laidlaw has been known to be planning his exit from the company for some time, after 8 years at the helm, and is expected to be replaced by BP PLC executive Iain Conn, according to media reports.
Centrica's Finance Director Nick Luff announced his resignation in January and is also yet to be replaced.
Centrica shares are up 0.9% at 333.71 pence on Thursday, while Aggreko shares are down 2.8% at 1,699.90p.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AGK.LCentrica