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National Grid chief executive to step down National Grid chief to step down
(35 minutes later)
The chief executive of National Grid is to step down after 10 years at the helm. The chief executive of National Grid is to step down after 10 years. Steve Holliday, who will leave the power network operator in March, will be replaced by John Pettigrew, its UK executive director, who joined National Grid nearly 25 years ago.
Steve Holliday will leave the power network operator in March. He will be replaced by John Pettigrew, who first joined National Grid nearly 25 years ago and is currently its UK executive director. Holliday, an advocate of energy infrastructure investment, will remain on the board until July to hand over to Pettigrew.
Holliday, who has long been a vocal advocate of energy infrastructure investment, will remain on the board until July to hand over to Pettigrew. Related: National Grid winter capacity is lowest in a decade
Since being appointed chief executive in 2006, Holliday has overseen the entry of the business into the eastern seaboard of the US, where it owns power networks in New York, Massachusetts and Rhode Island.Since being appointed chief executive in 2006, Holliday has overseen the entry of the business into the eastern seaboard of the US, where it owns power networks in New York, Massachusetts and Rhode Island.
National Grid’s chairman, Sir Peter Gershon, said: “Steve has made a significant contribution to the energy sector and National Grid. Under Steve’s leadership the company has delivered excellent returns for shareholders ensuring its place as one of the world’s leading utilities.” National Grid’s chairman, Sir Peter Gershon, said: “Steve has made a significant contribution to the energy sector and National Grid. Under his leadership the company has delivered excellent returns for shareholders ensuring its place as one of the world’s leading utilities.”
Holliday said: “The business is in a strong position with good regulatory frameworks and excellent prospects for growth, and I am pleased to be leaving National Grid in the very capable hands of John Pettigrew and a high-performing management team.”Holliday said: “The business is in a strong position with good regulatory frameworks and excellent prospects for growth, and I am pleased to be leaving National Grid in the very capable hands of John Pettigrew and a high-performing management team.”
Pettigrew will be paid an annual salary of £825,000, relocation expenses from his home in Warwick to London, and will retain his existing pension and other benefits. Related: China to take one-third stake in £24bn Hinkley nuclear power station
One of his key tasks will be to make sure the UK’s power network is ready to connect to the new generation of nuclear power plants. Pettigrew will be paid an annual salary of £825,000, relocation expenses from his home in Warwick to London, and will retain his existing pension and other benefits. One of his key tasks will be to make sure the UK’s power network is ready to connect to the new generation of nuclear power plants.
Last month, the French energy company EDF signed an investment agreement with the China General Nuclear Power Corporation (CGN) to build the £18bn Hinkley Point C in Somerset, with the first power scheduled to be generated in 2025, two years later than the original date. Last month, the French energy company EDF signed an investment agreement with the China General Nuclear Power Group to build the £18bn Hinkley Point C in Somerset, with the first power scheduled to be generated in 2025, two years later than the original date.
Pettigrew said: “I look forward to working with our customers, shareholders, partners and employees to meet the challenges and opportunities of the changing UK and US energy landscapes.”Pettigrew said: “I look forward to working with our customers, shareholders, partners and employees to meet the challenges and opportunities of the changing UK and US energy landscapes.”