By NIDAA BAKHSH
Iain Conn, BPs head of refining
, will join Centrica as
CEO from January as Sam Laidlaw retires after leading the
biggest energy supplier to UK 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 hed lost out on the top job to Conn.
Centrica is among the UKs 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.