According to weekend reports in the Times, Steve Holliday will step down from the role next year after “a very good run” as chief executive from 2007.
RBC Capital analysts said on Monday morning that the report is unsurprising given the length of Holliday’s tenure, and is unlikely to cause too many ripples for the company.
“e has been a very good CEO for the company leading it through the turbulence of the financial crisis, including the much criticised rights issue of 2010. More recently he transitioned National Grid onto the RIIO regulatory regime in the UK and continues to focus on improving US returns,” RBC Capital said.
The newspaper has tipped National Grid’s current chief financial officer Andrew Bonfield as the most likely candidate to replace Holliday, and RBC Capital views chief operating officer of National Grid’ regulated business, John Pettigrew, as another likely option.
“The potential limiting factor for John Pettigrew is his lack of experience with investors given he has not spent much time in the public eye,” the analysts noted.
Holliday first joined National Grid as board director in 2001 and following the merger between National Grid Group and Lattice Group in October 2002 took responsibility for the electricity and gas transmission businesses.
He was then quickly promoted from head of transmission operations to group director responsible for UK Gas Distribution and Business Services.
Prior to joining National Grid he spent 19 years within the Exxon Group, where he held senior positions in the international gas business and managed major operational areas such as refining and shipping.
A spokesperson from National Grid declined to comment on the reports.
Read Utility Week’s full interview with Steve Holliday from January 2015 here.