Centrica finance chief leaves for Reed Elsevier
CENTRICA finance director Nick Luff will depart the company this year to join information group Reed Elsevier, leaving Britain’s biggest household energy supplier in the midst of a political row over rising bills.
Energy costs have become a big political issue in recent months, leading to intense scrutiny of utility companies like Centrica, after Ed Miliband promised to temporarily freeze bills if he wins the next general election.
Centrica said yesterday that the search for a new finance chief was underway, adding that Luff would leave some time before 31 December, but said that the date was yet to be confirmed.
At Reed, Luff, who prior to Centrica worked at shipping group P&O, will replace Duncan Palmer as finance chief, who said he would leave the media group due to family circumstances this September.
“We look forward to benefiting from his long-established skills in running the finances of FTSE 100 companies,” said Reed Elsevier chairman Anthony Habgood on Luff’s appointment.
Luff’s departure from Centrica follows that of the chairman Roger Carr. He stepped down at the end of last year and was replaced by the former head of Network Rail, Rick Haythornthwaite.
Centrica’s share price fell 1.5 per cent yesterday to close at 337.4p, Reed Elsevier shares were down 0.3 per cent at 901p.