The parent company of British Gas announced the news today (8 May) ahead of its annual general meeting next week.
Haythornthwaite joined Centrica’s board as a non-executive director in October 2013 and became chairman in January 2014. Centrica said he will continue to serve in the role until a successor is appointed and in place to ensure an “orderly handover”.
“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,” Haythornthwaite said.
He oversaw the appointment of Iain Conn as group chief executive, who replaced Sam Laidlaw on 1 January 2015 and has led the board through “significant changes” to Centrica’s portfolio.
Haythornthwaite added: “The first phase of strategic implementation has been completed, the board has been refreshed and the balance sheet materially strengthened.”
He has also served on the boards of Network Rail as chairman and Cookson, Lafarge, ICI and Land Securities as a non-executive director.
Stephen Hester, senior independent director at Centrica, will lead the search for a new chairman.
In its preliminary financial results for 2017 published in February, the company announced the loss of 4,000 jobs in the face of stiff competition and the looming price cap on energy tariffs.
British Gas will raise its standard variable tariff (SVT) by an average of 5.5 per cent from 29 May.