Centrica plc today announced that Nick Luff, Group Finance Director, will be leaving the company, on a date to be confirmed but in any event no later than 31 December 2014.
Nick has been appointed Chief Financial Officer at Reed Elsevier and will take up his new position after leaving Centrica. A search for Nick’s successor is currently underway. In the meantime, Nick will continue as Group Finance Director, and as a Board member, and will assist with an orderly transition to his successor.
Sam Laidlaw, Chief Executive, said “Nick has made a significant and lasting contribution to Centrica’s success over the last 7 years. Personally, I will miss Nick’s valuable input to my team and I would like to thank him for his ongoing support over the coming months. I know that I speak on behalf of everyone at Centrica in wishing him well in this next chapter of his career”.
As a Board member, Nick Luff’s remuneration arrangements relating to this year will be fully disclosed in the 2014 annual report and accounts. In summary, Nick will be paid his base salary and benefits during his notice period. At the date of his departure, all unvested long-term incentive awards will lapse in accordance with the rules of the schemes.