Thursday 6 October 2016

First Utility chairman steps down after profits drop

First Utility chairman steps down after profits drop

The chairman of independent energy supplier First Utility has stepped down days after the firm reported a fall in profits.

John Roberts has quit after three years in the role, leaving it to Thomas Chambers, who was an Independent Non-Executive Director at the company and Chair of its Audit Committee.

Two other Non-Executive Directors will also step down, according to the firm.

The company said the changes come as it is preparing to diversify its business operations and accelerate international growth.

Earlier this week, the energy supplier reported an 84% drop in pre-tax profits in 2015 despite its customer base growing by a quarter.

CEO Ian McCaig said: "As the business enters a new phase of growth and development, driven by our ambitions to become a multi-product, multi-service international business, we have collectively agreed that it is an appropriate time for a new chairman to take the reins.

"Thomas's extensive experience in technology, telecoms and innovative and fast growing businesses will be invaluable to us as we develop and diversify our business and continue our international expansion plans."

Written by

Bruna Pinhoni

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