FTSE 100 utility National Grid is shaking up its UK management team as it looks to invest £30bn on its transmission works and power plants by the end of the decade.
Staff will be told of the overhaul tomorrow in what will be a welcome distraction for the company. Last week chief executive Steve Holliday was publicly accused of sexual impropriety at the annual general meeting of Marks & Spencer, where he is a non-executive director. The accusations were made by the mother of a former National Grid employee.
It is understood that Mr Holliday, who was cleared of the allegations in an internal National Grid investigation two years ago, is not under pressure. There had been whispers of "regime change", as one source close to the company put it, even before the allegations became public and were for unrelated reasons, but insiders said that Mr Holliday is staying put.
However, directors are likely to see their responsibilities updated to reflect the overhaul of the UK leadership team, which sits below board level. It is understood that this team will increase by about 50 per cent to around 15 people, so that the responsibilities of the huge investment programme do not prove too burdensome.
In a statement in response to requests for comment, the company told i: "We will be realigning our UK leadership team, which will be focused on investing in our business, both in terms of the talent of our teams and innovative procedures." The investment proposals will be considered by Ofgem after they have been handed to the regulator this week.
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