Centrica chairman Haythornthwaite to step down

Centrica's chairman, Rick Haythornthwaite, is planning to step down within the next 12 months after six years in the role, the energy provider said on Tuesday.

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The company, which is owned by British Gas, said it will now begin the process to appoint a successor.

Haythornthwaite said: "Chairing Centrica has been a real privilege, and the group has made material progress against a challenging external environment, including significant fundamental changes in the energy landscape.

"Over this period the board has overseen the appointment of Iain Conn as group chief executive, the development and execution of a new strategy focused on the customer, and with it significant changes to Centrica’s portfolio and capabilities. The first phase of strategic implementation has been completed, the board has been refreshed and the balance sheet materially strengthened. I am immensely grateful to my fellow board members for their support and hard work during my tenure as chairman and I look forward in time to an orderly handover to my successor.”

The process to appoint a successor will be overseen by the nominations committee and led by the senior independent director, Stephen Hester.