Energy minnow seeks big name to take on 'big six'
The energy supplier First Utility is looking for a big-name chairman to help the Morgan Stanley-backed group to crack the dominance of the "big six" within three years.
First Utility, with fewer than 100,000 customers and £60.5m in sales, trails way behind the likes of Scottish & Southern and British Gas, but last month signalled its intentions for rapid growth by appointing Ian McCaig as chief executive.
Mr McCaig was the boss of Lastminute.com for four years, working closely with co-founder Brent Hoberman.
The UK's six biggest utilities, also including Eon and Npower, are preparing to announce combined profits of £15bn during the next few weeks, while 5.5 million people in are fuel poverty.
Mr McCaig has turned to headhunter Heidrick & Struggles to find a chairman to help take the business on to "the next level", potentially leading to a flotation towards the end of his three-year plan.
Mr McCaig said: "We went through a pretty rigorous and exhaustive pitch process with headhunters. We're looking for someone who can guide us through the growth process and the process of strengthening our corporate governance."
The search could take several months to complete, so Marc Citron, who founded the company as First Telecom with Mark Daeche in 1994, is interim chairman.
Morgan Stanley became a shareholder in First Utility in 2010, acquiring a 10 per cent stake. Industry observers have noted that this was the point that First Utility became determined to break the big six oligopoly.
New essay by JK Rowling went live on Pottermore site on Friday
New UK station Russia Today gives a very bizarre view of Britain
- 1 Chinese authorities arrest 11 people over exhuming woman’s body to sell as corpse bride
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Woman blinded as a child can see again after hitting her head on a coffee table
- 4 Paul Hollywood: Police asked if I wanted them to arrest Mary Berry for vandalism after she 'defaced' my car
- 5 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Tower of London poppies: Tens of thousands of people flock to see installation in its final days
Top Gear presenter Jeremy Clarkson criticised for beer tweet
Woman blinded as a child can see again after hitting her head on a coffee table
Bryan Adams' heartstopping images of wounded British soldiers to go on show at Somerset House
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...