Tuesday 7 January 2014

Centrica finance man departs

A senior executive at British Gas’s parent firm Centrica is leaving the company to work at Reed Elsevier.

Chief Finance Officer Nick Luff will depart for the publishing business by the end of 2014.

He goes at a time when energy companies are under increasing heat for putting up power prices while household budgets are squeezed.

Centrica said a search for Mr Luff’s successor is currently underway.

Chief Executive Sam Laidlaw said: “Nick has made a significant and lasting contribution to Centrica’s success over the last seven 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.”

Erik Engstrom, Reed Elsevier Chief Executive said: “I am pleased to have Nick join the team. His many years of experience as Finance Director of a FTSE 30 company, combined with his involvement in dual UK/US and Netherlands-based listings, make him a great fit.”

Previously Mr Luff worked at FTSE 100 shipping firm P&O. He has a first class degree in mathematics from the University of Oxford and is a qualified UK Chartered Accountant.