viewCentrica PLC

Wheway or the highway: Centrica's new chairman switches CEO

Chief financial officer Chris O’Shea will take over as interim chief executive

Centrica PLC -

Centrica PLC (LON:CNA)'s chief executive Iain Conn is leaving the British Gas owner with immediate effect, even though the search for a permanent replacement is still ongoing.

Conn’s departure was agreed last summer after a slump into deep losses and a dividend cut proved the final straw with the company having lost around two thirds of its value under his leadership. 

Centrica announced on Tuesday that Charles Berry has stepped down as chairman of the former energy monopoly under advice from his doctor and has been replaced in the role by Scott Wheway. 

The first action by Wheway, a former boss of Boots and Best Buy, was to give Conn the final push.

Chief financial officer Chris O’Shea will take over from Conn on a temporary basis.

"I'm acutely aware that I'm taking this role at a time when we need to navigate our way through the current volatility caused by the impact of Coronavirus,” Wheway said. 

“As a business we remain focussed on structural simplification, improving our efficiency and delivering growth in our customer facing businesses.

“I will immediately be concentrating on completing the search for a CEO for Centrica, which includes both internal and external candidates.”

Quick facts: Centrica PLC

Price: 33.68 GBX

Market: LSE
Market Cap: £1.91 billion


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Morning Report: FTSE 100 starts Wednesday lower; Tesco reports easing of...

Headlines from the Proactive UK newsroom. FTSE 100 has consolidated after the gains on Tuesday. The blue chip index is expected to open down a touch this morning after closing 122 points higher yesterday. Tesco says the panic buying seen at the start of the coronavirus crisis has eased with...

9 hours, 4 minutes ago

2 min read