Seeboard finance director to retire

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The Independent Online
JOHN Quin, the finance director of Seeboard, is to retire early in the autumn, writes Mary Fagan.

Seeboard, one of the 12 regional electricity companies in England and Wales, said his departure was mutually agreed. Mr Quin, 54, will not receive a payoff and will retire on normal pension terms. The company has appointed headhunters to find a replacement.

The announcement coincided with a crucial meeting between Seeboard's management and the regulator, Offer, which is conducting a review of electricity distribution prices.

Seeboard's meeting is thought to have been the first in a final round of negotiations between the companies and Professor Stephen Littlechild, the director-general of Offer. He is expected next month to announce a one-off cut in prices and a tough new price cap that takes effect in April 1995.

Seeboard said the departure of Mr Quin was not linked to the distribution price review. However, any change at the regional companies is being keenly watched by the City as the review reaches its final stages.

Any company that fails to agree the price controls will be referred to the Monopolies and Mergers Commission.

Seeboard has been through a series of top management changes over the past few years.

Last week the company announced a 17 per cent increase in pre-tax profits to pounds 132m. The dividend rose 17.5 per cent to 11.75p - one of the highest in the electricity sector for the past financial year.