TIDMCNA

14 September 2018

Centrica plc

('the Company')

Board Announcement

Centrica Announces appointment of New Centrica Business Chief Executive

Centrica plc is pleased to announce the appointment of Richard Hookway as Chief Executive, Centrica Business effective 1 December at which time he will also join the Centrica plc Board. This follows Centrica's announcement on 5 July regarding Mark Hanafin's retirement from the Company at the end of March 2019. Richard will join Centrica and the Executive Committee on 1 November, allowing him to work through a handover with Mark. Mark Hanafin will step down from the Board on 30 November.

Richard has worked in the energy sector for 35 years at BP. During that time he has had a successful and varied career, most recently as Group Chief Operating Officer for Global Business Services and IT. Prior to this Richard spent seven years as CFO for BP's Downstream division which includes all B2B and B2C customer-facing businesses, refining and marketing and the P&L for BP's oil trading activities. Richard previously has held a number of senior commercial roles both in the UK and in North America including as head of the Natural Gas Liquids business based in Houston, and the Commercial and Industrial Marketing business for Europe including accountability for BP's internal power developer and provider of energy management services. His career has given him very broad experience across a number of business disciplines including finance, marketing, business development, oil and gas trading and commodity risk management. He has also held positions in exploration and production, petrochemicals and in group functions.

Iain Conn, Group Chief Executive, Centrica said:

"I am delighted that Richard is joining Centrica as Chief Executive of Centrica Business. He brings with him a wealth of experience in customer-facing energy activities, including in energy marketing and trading and commodity risk management. He has spent much of his career in the UK and Europe, but has also lived in North America and knows that energy market well.

I would also like to take this opportunity again to thank Mark Hanafin for his significant contribution to the business over the past 10 years and to wish him and his family all the very best for the future."

Richard Hookway, incoming Chief Executive, Centrica Business said:

"I am excited to be joining Centrica at this interesting time as the energy sector continues to transform. Centrica Business is focused on meeting the changing needs of business customers across the globe as energy becomes more decentralised, cleaner and technologically driven. I look forward to working with Iain, the Board and the Centrica Business team to lead the business through the next phase of its transformation."

There is no other information required to be disclosed under Listing Rule 9.6.13R.

ENDS

Enquiries:

 
Martyn Espley     Investors/analysts    01753 494900    ir@centrica.com 
Sophie Fitton     Media                 01784 843000    media@centrica.com

Remuneration:

Richard's remuneration package will consist of a basic salary, benefits and variable incentive arrangements which are in line with Centrica's remuneration policy.

There are no special arrangements in respect of his recruitment.

The key elements of Richard's remuneration package are as follows:

 
 
    -- Base salary of GBP600,000; 
 
    -- Pension contribution of 20% of base salary.

Incentives and other benefits will be in accordance with the Remuneration Policy set out in the Group's 2017 Annual Report and Accounts and approved by shareholders at the 2018 AGM.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20180914005110/en/

 
This information is provided by Business Wire

(END) Dow Jones Newswires

September 14, 2018 05:00 ET (09:00 GMT)

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