BP's Conn Joins Centrica as Chief Executive From JanuaryNidaa Bakhsh
Iain Conn, BP Plc’s head of refining, will join Centrica Plc as chief executive officer from January as Sam Laidlaw retires after leading the biggest energy supplier to U.K. households since 2006.
Conn, 51, will be paid a base salary of 925,000 pounds ($1.6 million), according to a statement by Windsor, England-based Centrica. Last year at BP, Conn earned 763,000 pounds before bonuses, according to its remuneration report.
Centrica is seeking to replace three of its most senior executives in Laidlaw, Chief Financial Officer Nick Luff, and head of downstream business Chris Weston, who quit amid reports he’d lost out on the top job to Conn. Centrica is among the U.K.’s six biggest utilities being investigated by the Competition and Markets Authority for price increases that exceeded inflation.
“Iain will bring an impressive combination of experience to our business,” Centrica Chairman Rick Haythornthwaite said in the statement. “His breadth of knowledge and commitment to customers and safety make him ideally suited to lead Centrica in the next phase of its development.”