Centrica appoints former Shell exec as new CFO

Centrica has announced the appointment of former Shell group treasurer Russell O’Brien as its new chief financial officer, with incumbent Kate Ringrose stepping down after 20 years at the company.

O’Brien, who will also become an executive director, will take up the role on 1 March while Ringrose will step down as CFO and executive director on 28 February. She is expected to leave the business towards the end of the year.

At Shell O’Brien held a number of senior chief financial officer roles. The management accountant graduated from the University of St. Andrews in 1995.

Commenting on the news Centrica chief executive Chris O’Shea said: “In his long-standing role as group treasurer at Shell, Russell was instrumental in delivering shareholder value and setting a clear financial framework for investors.

“Russell’s broad experience across the energy value chain, including roles as global CFO for both Shell’s Integrated Gas and Retail businesses, will be a huge asset to Centrica as we look to accelerate the creation of shareholder value whilst helping decarbonise the energy system.”

Speaking about the departure of Ringrose, he added: “I want to pay tribute to Kate’s achievements during almost 20 years at Centrica and to thank her for the unstinting support she’s given me during my time as both CFO and CEO.

“Kate has made a significant contribution to the company and helped steer us through a challenging external landscape. Kate leaves with our very best wishes for the future.”

O’Brien said: “I am honoured to have been appointed as Centrica CFO. The energy transition is happening now, and I’m excited by the opportunities which we have. I am looking forward to working with our 20,000 colleagues, the leadership team and the board and to being a part of shaping the future for the company.”

Ringrose said: “It has been an absolute privilege to be part of the team delivering the turnaround of Centrica. I have enjoyed my time with the company immensely but after almost 20 years it is now time for a new challenge.

“I have every confidence that the company is on the right track and I’d like to wish Chris, Russell and the rest of the Centrica team all the very best for the future.”

Smart Energy Code Company

Elsewhere in the sector the Smart Energy Code Company has announced Angela Love as the new SEC panel and board chair.

The appointment, which has been approved by Ofgem, will see Love replace Peter Davies who is standing down in March after nine years.

Love has worked in the energy market for more than three decades and was most recently director future markets and engagement at Elexon, where she was responsible for strategy, external affairs, communications, stakeholder engagement and the Design Authority.

She was also executive sponsor for the £90 million industry Market-wide Half Hourly Settlement Programme, reporting directly to the Elexon board.

She said “At a time when Ofgem is considering the Code and DCC arrangements and themselves evolving to become the energy market Strategic Body, it is a really exciting time to be leading one of the key codes within the energy sector.

“The challenges facing the sector are many and varied, but I am sure that working with the SEC Panel, SEC Parties, DCC, BEIS, Ofgem and other stakeholders we can proactively address them together.”

Low Carbon

Renewable energy company Low Carbon has announced the appointment of Steven Hughes as managing director, portfolio management.

Hughes, who has more than 25 years’ experience in the renewables sector, joins the business from infrastructure and equity investment manager Foresight LLP where he was managing director and head of portfolio.

At Low Carbon he will be responsible for the construction and operation of the company’s expanding renewable energy portfolio. He will lead the delivery of projects as they move from the development phase into construction and ultimately operation.

Speaking of his appointment, Hughes said: “I am delighted to be joining a purpose led company as it scales up to deliver 20GW of renewable energy capacity by 2030. Low Carbon has a clear strategy and an impressive track record of delivering projects over the past 10 years. I look forward to join the team as we expand into new territories and build out new renewable energy capacity globally.”

National Infrastructure Commission

The government has announced that Sir John Armitt has been reappointed as chair of the National Infrastructure Commission (NIC) for a further two years.

Armitt has served as chair of the NIC since 2018 and before this was deputy chair and a commissioner since the body was established in 2015.

Meanwhile Julia Prescot, who has served as a commissioner since 2017, has been appointed deputy chair.

She is a co-founder and chief strategy officer of global investor and asset manager Meridiam, which specialises in public infrastructure.