UK utility Centrica Appoints CEO

UK retailer Centrica has confirmed the appointment of former CFO Chris O'Shea as CEO, it said April 14. A month ago he became the acting CEO, replacing Iain Conn with immediate effect.

Chairman Scott Wheway said he had completed his review of internal and external candidates and concluded that "Chris is comprehensively the best candidate for Centrica.”

O'Shea said it was a "huge honour" and that "beyond this present emergency our focus will be on creating value for all of our stakeholders through delivering growth in our customer facing businesses, the structural simplification of the group, and building on the undoubted strengths and capabilities we have in our people and our businesses today.”

Among the challenges the company faces are the move towards a low-carbon business and the profitable sale of its majority stake in Spirit Energy, its upstream gas business; and its nuclear generation assets at a time of low commodity prices.