Direct Energy Parent, Centrica, Names New Group Chief Executive

Centrica plc, the parent of Direct Energy, announced the appointment of Chris O'Shea as Group Chief Executive on a permanent basis with immediate effect.

As previously reported, Chris O'Shea was appointed to the Centrica Board as Group Chief Financial Officer on 1 November 2018 and became interim CEO with effect from 17 March 2020.

From 2006 to 2012 O'Shea held various senior finance roles with BG Group plc, including chief financial officer of Europe and Central Asia, prior to which he held a number of senior roles with Royal Dutch Shell plc in the UK, the US and Nigeria, and with Ernst & Young. Prior to joining Centrica, O'Shea was group chief financial officer of both Smiths Group plc and Vesuvius plc, and a non-executive director of Foseco India Ltd, an Indian-listed supplier to the foundry industry

Centrica has commenced a search for a new Chief Financial Officer, and an announcement will be made in due course, the company said

Chris O'Shea said, "It is a huge honour to be appointed to lead Centrica. The company has a long history of serving customers, strong market positions and over recent years has built the capabilities to help our customers transition to a low carbon future. I'm very proud of how the Centrica team is looking after our customers and our colleagues through the Covid-19 crisis."

"Beyond this present emergency our focus will be on creating value for all of our stakeholders through delivering growth in our customer facing businesses, the structural simplification of the Group, and building on the undoubted strengths and capabilities we have in our people and our businesses today," O'Shea said

Centrica said that, "Chris O'Shea's remuneration package will consist of a basic salary and variable incentive arrangements which are in line with Centrica's current remuneration policy and practice. The key changes to his current arrangements are a base salary of £775,000 and a reduction from 15% to 10% pension contribution. In recognition of the current crisis, Chris has already taken a voluntary reduction in salary of £100,000. This reduction will continue until the company resumes normal operations."