Centrica CFO Leaves after Short Stint
The CFO of UK-based energy supplier Centrica has stepped down for personal reasons after only seven months in the role, the company said on January 18.
Johnathan Ford will leave the company at the end of the month. Kate Ringrose, who has been at the company for 16 years, will replace him with immediate effect. Her previous role was group financial controller.
"I am very sorry to see Johnathan leave and would like to thank him for his contribution to the company and wish him and his family well for the future," Centrica CEO Chris O'Shea said in a statement. "However, I am delighted that we have a very capable internal successor in Kate, who brings a wealth of experience from a wide range of finance roles across Centrica. I look forward to working closely with Kate as we continue to focus on delivering the turnaround of Centrica."
"I am pleased to have been involved in the initial stages of the turnaround of Centrica and I am disappointed I will not be able to see it through to its conclusion," Ford added. "However, the company has made fundamental progress over the past year and I wish Chris, Kate and the rest of the Centrica team well for the future."
Ford has overseen a difficult period for Centrica. In the wake of the coronavirus pandemic, the company launched major restructuring plans in June, involving asset sales and a swathe of redundancies. UK business electricity demand was negatively affected by around 15% in the second half of 2020, versus 30% in the second quarter of that year.