Centrica CEO plots a reversal of fortune

Iain Conn, CEO is interviewed by Christopher Adams, the Energy Editor of the FT 

Iain explains how his Strategic Review, announced on 30 July following his first seven months as CEO at Centrica, is designed to halt a decline that culminated in Centrica reporting a £1bn reduction in profit for 2014 and cutting the dividend for the first time since its creation in 1997.  The new strategy will be to focus growth ambitions on the changing needs of customers and reduce and limit scale in E&P and central power generation to lower the Group’s capital intensity.   A net impact of four thousand jobs will be lost across the Group, with target cost efficiencies of £750 million per annum by 2020.

To read the full interview  go to FT.com