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Hayden Wood, the co-founder and chief executive of failed energy supplier Bulb, is to leave the company next month.
The retailer, which collapsed into the special administration regime at the end of last year at a cost of £1.7 billion, confirmed that no replacement was being sought.
The announcement was made to staff yesterday as final bids were accepted to acquire the supplier, which had 1.6 million customers when it was nationalised.
Despite 74 parties (both industry and financial) being approached about a deal, it is thought that only Octopus Energy and Masdar, an anergy company from Abu Dhabi, remain in the running to buy the company.
Wood has been a controversial figure within the industry, even prior to its collapse, and hit the headlines earlier this year when he admitted that he was still receiving a £250,000 salary to lead the business.
A report from administrators Teneo, published last week, showed Bulb had used £900 million of the government bailout funds as of the end of May.
A spokesperson for the company said: “Bulb’s CEO and co-founder, Hayden Wood is stepping back from the business. We wish him all the best for the future.”
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