Steve Holliday to step down as National Grid CEO

National Grid has announced that chief executive Steve Holliday will step down from the company next year.

The FTSE 100 company announced his resignation on Tuesday, which will take effect on 31 March 2015. He will leave the board in July to ensure a smooth transition.

He will be replaced by John Pettigrew, currently executive director of the group's UK operations.

Holliday has been in the chief executive’s chair for nearly a decade and has spent 14 years on the board.

He said it has been a great privilege to have been part of shaping the business’ success over that time.

“The business is in a strong position with good regulatory frameworks and excellent prospects for growth, and I am pleased to be leaving National Grid in the very capable hands of John Pettigrew and a high performing management team.”

National Grid chairman Sir Peter Gershon said Holliday has made a significant contribution to the sector as a whole.

“Under Steve's leadership the company has delivered excellent returns for shareholders ensuring its place as one of the world's leading utilities.”

He also noted that the nominations committee was unanimous in John Pettigrew’s appointment to the role after serving the company for nearly 25 years.

“He was the architect of National Grid's strategy for ensuring the delivery and out performance under the UK regulatory regime, RIIO.

“He also played a pivotal role in introducing improvements and demonstrating strong leadership within both the US Electricity Transmission and Distribution businesses.”