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Centrica chief to step down amid pressure over energy prices Centrica chief to step down amid pressure over energy prices
(about 2 hours later)
The boss of Centrica, the owner of British Gas, is quitting the company following intense political and public pressure over soaring energy bills. Centrica, the owner of British Gas, is seeking a replacement for its boss Sam Laidlaw.
Sam Laidlaw, who has led British Gas since 2006 and is paid more than £2m a year, will leave before the end of the year, according to a source close to the company. Headhunters have been appointed to find a replacement, although there is no specific timetable set for his departure. Laidlaw, who has led British Gas since 2006 and is paid more than £2m a year, will leave before the end of the year although no date has been set.
Centrica has been attacked by politicians on both sides over prices as the average annual household energy bill has soared from £819 to £1,353 since 2009. Centrica has been attacked by politicians on both sides as the average annual household energy bill has soared from £819 to £1,353 since 2009, although the average British Gas dual fuel bill is £1265.
A source close to Laidlaw said public pressure over energy prices was a factor in his decision to leave the company, but pointed out that he had led the firm for eight years and was ready for a fresh challenge. Centrica declined to comment. A source close to Laidlaw said he had led the firm for eight years and was ready for a fresh challenge. Centrica declined to comment.
The rising cost of energy has dominated political debate since Ed Miliband pledged at last year's Labour conference to freeze prices for 20 months if he wins next year's election. The energy secretary, Ed Davey, has called for the big six energy companies to be broken up. The rising cost of energy has dominated political debate since Ed Miliband pledged at last year's Labour conference to freeze prices for 20 months if he won next year's election. The energy secretary, Ed Davey, has called for the big six energy companies to be broken up.
Laidlaw's exit comes as regulators mount the widest investigation yet into the big six power suppliers' dominance of the UK energy market. The review by the newly created Competition and Markets Authority (CMA) could lead to the break-up of the energy companies by separating their supply arms, which sell power to households, and the generation units that own power stations. Laidlaw's exit comes as regulators mount the widest investigation yet into the big six power suppliers' dominance of the UK energy market. The review by the newly created Competition and Markets Authority (CMA) could lead to the breakup of the energy companies by separating their supply arms, which sell power to households, and the generation units that own power stations.
Laidlaw, who was last week handed shares worth up to £2m, is the latest big name exit from Centrica. Over the past year the company has lost finance director Nick Luff, British Gas boss Phil Bentley and chairman Sir Roger Carr. Laidlaw, who last week was handed shares worth up to £2m, is the latest big-name exit from Centrica.
Over the past year the company has lost the finance director Nick Luff, British Gas boss Phil Bentley and chairman Sir Roger Carr.
The source said the headhunters looking for Luff's replacement had been asked to look for a new man for the top job at the same time. "It makes sense to think about the CEO at the same time," the source added.The source said the headhunters looking for Luff's replacement had been asked to look for a new man for the top job at the same time. "It makes sense to think about the CEO at the same time," the source added.