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
ebooks
ebooksAn introduction to the ground rules of British democracy
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

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

John Palmer: 'Goldfinger' of British crime was murdered, say police

Murder of the Brink’s-MAT mastermind

'Goldfinger' of British crime's life ended in a blaze of bullets, say police
Forget little green men - aliens will look like humans, says Cambridge University evolution expert

Forget little green men

Leading evolutionary biologist says aliens will look like humans
The Real Stories of Migrant Britain: An Algerian scientist adjusts to life working in a kebab shop

The Real Stories of Migrant Britain

An Algerian scientist struggles to adjust to her new life working in a Scottish kebab shop
Bodyworlds museum: Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy

Dying dream of Doctor Death

Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy
UK heatwave: Temperature reaches 39.8 degrees on Central Line - the sweatiest place in London

39.8 degrees recorded on Tube

There's hot (London) and too damn hot (the Underground). Simon Usborne braved the Central line to discover what its passengers suffer
Kitchens go hi-tech: From robot chefs to recipe-shopping apps, computerised cooking is coming

Computerised cooking is coming

From apps that automatically make shopping lists from your recipe books to smart ovens and robot chefs, Kevin Maney rounds up innovations to make your mouth water
Jessie Cave interview: The Harry Potter star has published a feminist collection of cartoons

Jessie Cave's feminist cartoons

The Harry Potter star tells Alice Jones how a one-night stand changed her life
Football Beyond Borders: Even the most distruptive pupils score at homework club

Education: Football Beyond Borders

Add football to an after-school homework club, and even the naughtiest boys can score
10 best barbecue books

Fire up the barbie: 10 best barbecue books

We've got Bibles to get you grilling and smoking like a true south American pro
Wimbledon 2015: Nick Bollettieri - Junk balls and chop and slice are only way 5ft 1in Kurumi Nara can live with Petra Kvitova’s power

Nick Bollettieri's Wimbledon Files

Junk balls and chop and slice are only way 5ft 1in Kurumi Nara can live with Petra Kvitova’s power
Ron Dennis exclusive: ‘This is one of the best McLaren teams ever – we are going to do it’

‘This is one of the best McLaren teams ever – we are going to do it’

Ron Dennis shrugs off a poor start to the season in an exclusive interview, and says the glory days will come back
Seifeddine Rezgui: What motivated a shy student to kill 38 holidaymakers in Tunisia?

Making of a killer

What motivated a shy student to kill 38 holidaymakers in Tunisia?
UK Heatwave: Temperatures on the tube are going to exceed the legal limit for transporting cattle

Just when you thought your commute couldn't get any worse...

Heatwave will see temperatures on the Tube exceed legal limit for transporting cattle
Exclusive - The Real Stories of Migrant Britain: Swapping Bucharest for London

The Real Stories of Migrant Britain

Meet the man who swapped Romania for the UK in a bid to provide for his family, only to discover that the home he left behind wasn't quite what it seemed
Cheaper energy on the way, but it's not all sunshine and rainbows

Cheaper energy on the way, but it's not all sunshine and rainbows

Solar power will help bring down electricity prices over the next five years, according to a new report. But it’s cheap imports of ‘dirty power’ that will lower them the most