Gordon Boyd has been appointed chief financial officer designate of the new British energy supply and services company that Innogy SE and Scottish and Southern Energy plc (SSE) have agreed to form, subject to necessary shareholder and regulatory approvals.
The announcement follows that of Katie Bickerstaffe in April, who was confirmed as chief executive designate of the new company, which will be made up of Innogy’s Npower and the retail arm of SSE.
Boyd will take up his new role on 4 July and will be “heavily involved in the planning and preparation for the formation and listing of this new British retail company” according to a statement from SSE.
He said of the appointment: “The new company presents a unique opportunity to apply best practice whilst becoming more efficient, ultimately to the benefit of customers and shareholders.”
Like Bickerstaffe, Boyd will have no involvement in the leadership or management of either Npower or SSE in their current forms.
Boyd joined the energy sector in 1989 and has held senior finance leadership positions at utilities including British Energy and EDF Energy, as well as overseeing the initial public offerings of both Drax and Infinis.
Martin Herrmann, chief operating officer retail of Innogy SE, said of the merger’s progress: “We remain on schedule with our plans for a new British retail energy company.”
He added: “Following the appointment of Katie Bickerstaffe, the selection of Gordon Boyd is a further important step forward in establishing an independent player in the British energy supply and services market.”
Alistair Phillips-Davies, chief executive of SSE, said: “This appointment represents another important milestone on the journey to establishing a new, independent player in the British energy supply and services market.”
The combined retail energy company will be listed on the premium segment of the London Stock Exchange. It will not be controlled by either Innogy or SSE: Innogy will hold a minority stake of 34.4 per cent in the combined retail company. SSE will demerge its stake of 65.6 per cent to its shareholders upon completion of the transaction.
The transaction is still subject to the approval of SSE’s shareholders, as well as approval by the relevant competition and regulatory authorities. Completion of the transaction and the listing of the new retail energy company are expected to occur in the last quarter of 2018 or the first quarter of 2019.
Last month the Competition and Markets Authority (CMA) released a timetable for the second phase of its investigation into the planned merger. A provisional decision, including any required remedies, will be revealed in mid-August, according to the document.