British Gas owner, Centrica, has lost another top executive after finance director Nick Luff announced he is leaving to take up the same post at publisher Reed Elsevier.
When the energy giant saw Phil Bentley, head of British Gas, depart last summer it said he wanted “to pursue his ambition to become a chief executive, recognising that this role is not currently available to him within the Centrica organisation”.
Bentley is now running Cable & Wireless Communications, and analysts suggested respected finance director Luff’s departure, after seven years in the job, could also be because he recognised Centrica’s chief executive Sam Laidlaw has no plans to step down.
“We believe that Mr Luff appears to have been made an offer that he couldn’t refuse by Reed Elsevier,” said Angelos Anastasiou, utilities analyst at stockbroker Whitman Howard.
Luff’s departure date has yet to be confirmed but will be no later than 31 December, Centrica said. The energy giant added that Luff will be paid his base salary, which was £610,000 in 2012, the last reported year, and benefits, worth another £200,000, during his notice period. In 2012, he received a total pay package worth £2.9 million.
Laidlaw said: “I will miss Nick’s valuable input to my team and I would like to thank him for his ongoing support over the coming months.”