Under-fire Centrica turns to BP man Ian Conn for top job
Simon Read is Personal Finance Editor at The Independent. He edits the Saturday Your Money section and writes the Daily Money column and Wednesday’s Midweek Money section in i newspaper. He also writes for the news and business pages of the Independent and i newspaper and is a regular money commentator on TV station London Live. He has won numerous awards including Consumer Finance Journalist of the Year.
Tuesday 29 July 2014
The owner of under-fire energy company British Gas has confirmed that its new boss will be veteran BP man Ian Conn.
When he takes over from existing Centrica chief executive Sam Laidlaw in January, 51-year-old Mr Conn will walk into a fat pay package worth up to £3.7m, with basic pay standing at £925,000.
He’ll also walk away from BP after 29 years – including a decade on the board – with an attractive cash pile. Including share options, he is estimated to be worth as much as £16m.
But he’ll have a difficult job on his hands taking the reins at Britain’s biggest energy supplier at a time when it is facing unprecedented scrutiny and criticism.
His first major task will be to stop the group being split up by the UK’s Competition and Markets Authority. The regulator is currently investigating accusations of profiteering by the big energy companies against a background of soaring profits and fast-climbing domestic energy charges.
In a typical response to the appointment, tough-talking Scottish Labour MP John Robertson, who sits on the Energy select committee, said: “Ian Conn is about right – he is conning the public with this insulting salary. His base salary alone is 35 times the average salary and would pay the electricity bill of over seven hundred people.”
Mr Conn said: “I recognise the challenges which we face in rebuilding customer trust in the sector and helping to create an effective and sustainable approach to energy markets.”
- 1 Rules on 5p plastic bags likely to lead to arguments at the check-out
- 2 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
- 3 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
- 4 News agency criticised for describing Amal Clooney as 'actor's wife' in coverage of human rights trial
- 5 David De Gea to Real Madrid: Real finally get their man with £29m bid for Manchester United goalkeeper
Rules on 5p plastic bags likely to lead to arguments at the check-out
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
News agency criticised for describing Amal Clooney as 'actor's wife' in coverage of human rights trial
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...