British Energy finance director quits

British Energy, the embattled nuclear power company, announced the shock departure of its finance director, Keith Lough, last night.

The news of his resignation came just five days after the company escaped insolvency by agreeing a £4bn rescue with the Government and bondholders, which will see British Energy shareholders left with a stake of just 2.5 per cent.

Mr Lough, aged 44, was appointed finance director in 2001. In a brief statement, the company said he had decided to leave "to pursue other career opportunities" but had agreed to stay on in the interim while a successor was sought.

His departure means the entire senior management of British Energy will have changed since it first warned just over a year ago that it would go bust without a government bail-out. Robin Jeffrey was ousted as chairman and replaced by Adrian Montague, while Mike Alexander joined from British Gas as chief executive earlier this year.

Mr Lough informed the company of his decision to leave late last week after it announced the rescue deal with creditors on 1 October.