SSE chief executive Marchant steps down

Ian Marchant is to step down as chief executive of SSE, Britain's second-biggest energy supplier, after more than a decade in the job.

Mr Marchant said he felt "the time is right for a change for both SSE and me". He will be succeeded in July by SSE's current deputy chief executive, Alistair Phillips-Davies.

He added: "I am sure that SSE will continue to go from strength to strength under Alistair's leadership. As for me, I am looking forward to new challenges – whatever they may be."

The FTSE 100 energy boss pocketed a pay package worth £1.2m last year, and was then revealed to have claimed a 12 per cent staff discount on his energy bill, saving his household around £140 a year.

Mr Marchant joined SSE's predecessor company, Southern Electric, in 1992 and joined the board of SSE as finance director when it was formed in 1998. He was appointed to the top job in 2002.

Mr Phillips-Davies joined Southern Electric in 1997 and the SSE board in 2002 as energy supply director. He became generation and supply director in 2010 and deputy chief executive last year.

The energy provider also said that finance director Gregor Alexander would have an expanded role, supporting the chief executive.

Lord Smith of Kelvin, chairman of SSE, said: "In every one of [Mr Marchant's] years as chief executive, SSE has delivered above-inflation increases in the dividend while making significant progress throughout its operations... With all of these achievements, and after 10 years' exemplary service as chief executive, I understand why Ian is choosing to step down." SSE's shares fell 53p to £13.82 per cent following the announcement.

Utilities analyst Guillaume Redgwell of Liberum Capital said that while Mr Marshall's departure from SSE will be a loss to the firm, the change at the top should not deflect it from the progress it has made in recent years.

"SSE has seen a transformation over the past 10 years and Ian will be a loss to both the company and the industry, where he has been an outspoken voice on a range of matters within energy policy," Mr Redgwell said. "But we believe that the new management can ensure a smooth transition and is well-placed to move the company forwards."

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Market Research Executive

£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...

Recruitment Genius: Technical Report Writer

£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...

MBDA UK Ltd: Indirect Procurement Category Manager

Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...

Recruitment Genius: Web Developer - PHP

£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...

Day In a Page

Greece elections: In times like these, the EU has far more dangerous adversaries than Syriza

Greece elections

In times like these, the EU has far more dangerous adversaries than Syriza, says Patrick Cockburn
Holocaust Memorial Day: Nazi victims remembered as spectre of prejudice reappears

Holocaust Memorial Day

Nazi victims remembered as spectre of prejudice reappears over Europe
Fortitude and the Arctic attraction: Our fascination with the last great wilderness

Magnetic north

The Arctic has always exerted a pull, from Greek myth to new thriller Fortitude. Gerard Gilbert considers what's behind our fascination with the last great wilderness
Homeless Veterans appeal: Homeless in Wales can find inspiration from Daniel’s story

Homeless Veterans appeal

Homeless in Wales can find inspiration from Daniel’s story
Front National family feud? Marine Le Pen and her relatives clash over French far-right party's response to Paris terror attacks

Front National family feud?

Marine Le Pen and her relatives clash over French far-right party's response to Paris terror attacks
Pot of gold: tasting the world’s most expensive tea

Pot of gold

Tasting the world’s most expensive tea
10 best wildlife-watching experiences: From hen harriers to porpoises

From hen harriers to porpoises: 10 best wildlife-watching experiences

While many of Britain's birds have flown south for the winter, it's still a great time to get outside for a spot of twitching
Nick Easter: 'I don’t want just to hold tackle bags, I want to be out there'

'I don’t want just to hold tackle bags, I want to be out there'

Nick Easter targeting World Cup place after England recall
DSK, Dodo the Pimp, and the Carlton Hotel

The inside track on France's trial of the year

Dominique Strauss-Kahn, Dodo the Pimp, and the Carlton Hotel:
As provocative now as they ever were

Sarah Kane season

Why her plays are as provocative now as when they were written
Murder of Japanese hostage has grim echoes of a killing in Iraq 11 years ago

Murder of Japanese hostage has grim echoes of another killing

Japanese mood was against what was seen as irresponsible trips to a vicious war zone
Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore