Centrica PLC has announced the departure of Scott Wheway as Chair of the Company, with Kevin O'Byrne set to succeed him effective 16 December 2024. O'Byrne, who has been a Non-Executive Director since May 2019, will take over after a comprehensive search process led by non-executive director Amber Rudd. Chris O'Shea, Group Chief Executive, expressed gratitude to Wheway for his contributions and welcomed O'Byrne as the next chair. O'Byrne, in turn, expressed his honor and excitement to take on the role and looks forward to working with the Board and executive team to execute the Company's strategy.
The Board confirmed O'Byrne's independence upon appointment and disclosed his annual fee of £440,000, with no eligibility for pension or cash in lieu of pension allowance. O'Byrne brings extensive executive and Board experience, including knowledge of Centrica's operations, having held CFO and CEO roles in leading UK and international retailers. He is currently a non-executive director of NYSE listed International Flavors & Fragrances Inc (IFF).
The announcement marks a significant transition for Centrica, with O'Byrne set to build on the strong foundations laid by Wheway and work towards delivering material value for all stakeholders. The Company expressed confidence in O'Byrne's ability to drive further growth as they aim to capture the opportunities presented by their integrated business model.