British Gas head Chris Weston has announced he is leaving the company to take the chief executive post at Aggreko.
After just 15 months in charge of the energy business, Mr Weston revealed he is moving to Aggreko, where he will be paid an annual salary of £750,000 and £2.238 million in shares.
The departure of Mr Weston has cast doubt over the future of British Gas, as the company's parent firm Centrica is also losing its chief executive, Sam Laidlaw, in the coming months.
Mr Weston had been working at British Gas for more than a decade, moving up through the ranks of the company after joining it from Cable & Wireless in 2001.
Mr Laidlaw said: "Chris has made an important contribution to Centrica over 11 years, leading a number of our businesses, in the UK and North America. We will be sorry to see him leave but recognise that Aggreko offers a great opportunity for him."
Shares in Aggreko fell yesterday morning (May 29th) on the back of the news, but are in better shape in the early stages of trading on the London Stock Exchange today. At 10:49 BST, the share price of the firm was down by only 0.18 per cent. Stocks in Centrica were 0.54 per cent down at the same time.
Chairman of Aggreko Ken Hanna stated that Mr Weston will be an asset to the business as its new chief executive due to the experience has has of working in the energy sector.
He added: "He has consistently succeeded in driving performance and growth in his career and we believe he has the skills and vision to continue Aggreko's growth and lead the group to the next level."
Centrica's finance director Nick Luff is also stepping down from his role, leaving the company in the difficult position of having to replace a number of senior executives at the same time. Rumours in the press have linked BP's Iain Conn with taking over from Mr Laidlaw as Centrica's chief executive, but the firm is yet to confirm his appointment and a number of other names have been reported to be in the frame.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.