Under-fire Centrica boss Iain Conn will leave the UK utility next year. The rap sheet against the former BP executive starts with Centrica’s share price. gfhay ReutersFlasseur
Centrica CEO Iain Conn will step down next year, the company said on Tuesday, while slashing its dividend and announcing plans to exit its oil and gas business.
The company said it faced an “exceptionally challenging” first half of the year due to a national cap on energy prices, warmer-than-normal weather and weak natural gas prices. The company said it would pay an interim dividend of 1.5 pence per share, less than half the 3.6 pence per share awarded in the first half of 2018. The full year dividend will be 5 pence per share, down from 12 pence.
Centrica also announced plans to exit its oil and gas production business Spirit Energy by the end of 2020 as it becomes more focused on energy services.
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