National Grid CFO Bonfield to step down

National Grid said on Friday that Andrew Bonfield will step down as group chief financial officer to take up a role in a US public company, which will also enable him to be closer to his family.

Bonfield, who has been CFO since November 2010, will step down following the company's annual general meeting at the end of July. Meanwhile, current group tax and treasury director Andy Agg will become interim CFO pending the appointment of a permanent successor.

Chairman Peter Gershon said: "On behalf of the board I would like to thank Andrew for the significant contribution that he has made to National Grid over the last eight years and wish him well for the future.”

Chief executive officer John Pettigrew said: "It has been a pleasure to work with Andrew over the last few years. Whilst I am sorry to see him leave, we are very fortunate to have someone of Andy's calibre and experience. His in-depth knowledge of National Grid, both in the UK and US, will ensure a smooth transition whilst we undertake a search for Andrew's permanent successor."

National Grid said it will now kick off a "thorough" process which will include both internal and external candidates to identify a permanent successor.

Following his resignation, Bonfield will receive his normal salary and associated benefits until his leaving date, including his annual bonus for 2017/18.

At 0805 BST, the shares were up 0.9% to 853.40p.