Centrica PLC Directorate Change (7123T)
July 05 2018 - 5:00AM
UK Regulatory
TIDMCNA
RNS Number : 7123T
Centrica PLC
05 July 2018
5(th) July 2018
Centrica plc
('The Company')
Board Announcement
Mark Hanafin, Chief Executive, Centrica Business, to retire from
Centrica plc
Centrica plc (the 'Company') announces that after over 10 years
of service, Mark Hanafin, Chief Executive, Centrica Business has
elected to retire from the Company at the end of March 2019.
During his tenure, Mark has seen Centrica through an enormous
amount of change and has had a major impact on building the
Company's capabilities. After joining Centrica in 2008 as Managing
Director, Centrica Energy, Mark was responsible for building
stronger Exploration & Production, Power Generation and Energy
Marketing & Trading businesses. Since Centrica's strategic
review in 2015, Mark also led the establishment of Centrica's
Distributed Energy & Power (DE&P) business and further
growth in Energy Marketing & Trading (EM&T), including
through the important capability-building acquisitions of NEAS
Energy, ENER-G Cogen and REstore and the development of a global
LNG presence. In early 2017, Mark became Chief Executive of
Centrica Business, the global division focused on delivering energy
supply, wholesale energy, energy insight, energy optimisation and
energy solutions to business customers through a newly-developed
integrated solutions platform.
A process to appoint Mark's successor has begun and this will be
announced separately in due course. Mark will step down from the
Centrica plc Board when a successor is in place and after an
appropriate handover.
Iain Conn, Group Chief Executive of Centrica said:
"Mark was a major influence on Centrica's strategic review in
2015 and has been an invaluable member of my team since I joined
the Group at the end of 2014, providing wise advice and support to
me and to the Centrica Executive team overall.
I have very much enjoyed working with Mark and will miss his
considerable experience after he leaves next year. I wish Mark and
his family all the very best for the future".
ENDS.
Enquiries:
Martyn Espley Investors/analysts 01753 494900 ir@centrica.com
Sophie Fitton Media 01784 843000 media@centrica.com
Remuneration Arrangements on Departure
The following information is provided in accordance with section
430(2B) of the Companies Act 2006.
Mr Hanafin is retiring from Centrica on 31 March 2019. He will
be paid salary and benefits until the date he ceases to be an
employee of the company. There will be no payment made in lieu of
notice.
Mr Hanafin's other remuneration arrangements will follow the
Remuneration Policy set out in the Group's 2017 Annual Report and
Accounts and approved by shareholders at the 2018 AGM.
Mr Hanafin will be eligible for an award under the 2018 Annual
Incentive Plans (AIP) subject to the achievement of performance
measures, with any award payable at the normal time with a 50%
deferral. He will not participate in the 2019 AIP.
Any unvested AIP deferred shares will vest on the usual vesting
dates, with relevant malus and clawback provisions continuing to
apply.
Existing Long-Term Incentive Plan (LTIP) awards will be time
apportioned for the period worked. Therefore, 25% of the awards
made under the 2017 LTIP and 58% of the awards made under the 2018
LTIP will lapse on retirement. The balance will remain subject to
the normal performance conditions and any vesting will be
determined at the end of the performance measurement period. Mr
Hanafin will not participate in the 2019 LTIP.
Notes to Editors
Biography:
Prior to Centrica, Mark spent 21 years with Royal Dutch Shell,
latterly as CEO of Shell Energy North America, and previously also
worked for GE having qualified as a chartered engineer.
Mark joined Centrica as Managing Director, Centrica Energy, in
2008 and was responsible for building stronger Exploration &
Production and Central Power Generation businesses, as well as the
development of Energy Marketing & Trading. Under Mark's
leadership, Centrica built a wind business and entered the global
LNG market. Mark also led a number of E&P mergers and
acquisitions including that of Venture Petroleum, the creation of a
Canadian JV, and more recently the establishment of Spirit
Energy.
More recently, Mark has led the establishment of the Distributed
Energy & Power business as Centrica responds to the fundamental
changes in the energy system and in early 2017 became CEO, Centrica
Business, the global division focused on delivering energy supply,
wholesale energy, energy insight, energy optimisation and energy
solutions to business customers through a newly-developed
integrated solutions platform.
Centrica plc is listed on the London Stock Exchange (CNA)
Registered Office: Millstream, Maidenhead Road, Windsor,
Berkshire SL4 5GD
Registered in England & Wales number: 3033654
Legal Entity Identifier number: E26EDV109X6EEPBKVH76
ISIN number: GB00B033F229
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
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END
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