SSE PLC Appointment of Retail CFO Designate (8355Q)
11 June 2018 - 6:00PM
UK Regulatory
TIDMSSE
RNS Number : 8355Q
SSE PLC
11 June 2018
SSE and innogy appoint Chief Financial Officer Designate to new
energy and services retailer
SSE plc (SSE) and innogy SE (innogy) have appointed Gordon Boyd
as Chief Financial Officer Designate for the new independent
British energy supply and services company they have agreed to
form, subject to necessary shareholder and regulatory
approvals.
His is the second appointment to the Board of the new company,
alongside Katie Bickerstaffe who was confirmed as Chief Executive
Designate in April. Gordon will take up his new role on 4 July 2018
and will play a key role in the work being done to plan and prepare
for the formation and listing of the new company, which remains on
course to take place in the last quarter of 2018 or first quarter
of 2019. Like Katie, Gordon will have no involvement in the
leadership or management of either existing organisation.
Gordon has significant experience both in the energy sector and
in major listed companies, acquired over more than 30 years. He
originally joined the energy sector in 1989 and went on to hold a
variety of senior finance leadership positions at utilities
including British Energy and EDF Energy, as well as overseeing the
initial public offerings of both Drax and Infinis.
Alistair Phillips-Davies, Chief Executive of SSE plc, said:
"This appointment represents another important milestone on the
journey to establishing a new, independent player in the British
energy supply and services market. Gordon brings to the role a
wealth of highly relevant experience, which will be invaluable as
we prepare to bring the new company to market and beyond. We
continue to believe that the combination of the two companies as an
independent player can deliver real benefits to customers and the
wider energy market and Gordon's appointment further signals the
ongoing commitment from both parties to progressing the transaction
and giving the new company the best possible foundation for
success."
Martin Herrman, Chief Operating Officer Retail at innogy SE,
said:
"We remain on schedule with our plans for a new British retail
energy company which combines the best from both companies to meet
evolving customer expectations. Following the appointment of Katie
Bickerstaffe as CEO Designate in April, the selection of Gordon
Boyd as CFO Designate is a further important step forward in
establishing an independent player in the British energy supply and
services market. Gordon will bring vast expertise and experience in
both the energy sector and in major listed companies to the board
of the new company."
Gordon Boyd said:
"This is an exciting time to be planning the formation and
listing of a major new player in the energy and services market and
I'm delighted to join the new leadership team. The new company
presents a unique opportunity to apply best practice from both
companies whilst becoming more efficient, ultimately to the benefit
of both customers and shareholders."
The combined retail company will be listed on the premium
segment of the London Stock Exchange. It will not be controlled by
either innogy or SSE: innogy will hold a minority stake of 34.4 per
cent in the combined retail company. SSE will demerge its stake of
65.6 per cent to its shareholders upon completion of the
transaction. The transaction is still subject to the approval of
SSE's shareholders, as well as approval by the relevant
authorities. Completion of the transaction and the listing of the
new retail energy company are expected to occur in the last quarter
of 2018 or the first quarter of 2019.
ENDS
Enquiries to SSE:
ir@sse.com +44 (0)345 0760 530
media@sse.com +44 (0)345 0760 530
Enquiries to innogy:
Vera Bücker
Group Media Relations
+49 201 1215140
vera.buecker@innogy.com
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END
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June 11, 2018 04:00 ET (08:00 GMT)
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