innogy and SSE announce Chief Financial Officer Designate for new British retail energy company
Highly experienced financial expert with established energy credentials
Gordon Boyd has been appointed Chief Financial Officer Designate of the new British energy supply and services company that innogy SE and Scottish and Southern Energy plc (SSE) have agreed to form, subject to necessary shareholder and regulatory approvals.
Boyd is the second appointment to the Board of the new company, following Katie Bickerstaffe who was confirmed as Chief Executive Designate in April. Boyd will take up his new role on 4 July and will be heavily involved in the planning and preparation for the formation and listing of this new British retail company. Like Bickerstaffe, Boyd will have no involvement in the leadership or management of either existing organisation.
Boyd has significant experience working in both the British energy sector and in major listed companies, built up 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.
Martin Herrmann, COO Retail of innogy SE: “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.”
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.”
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 whilst becoming more efficient, ultimately to the benefit of customers and shareholders.”
The combined retail energy 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 competition and regulatory 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.