Ovo Energy has reportedly nabbed Monzo chief financial officer James Davies as the power supplier undergoes a strategic review which could result in a sale.
Davies, who has held the role at the digital bank since September 2021, was unveiled as Ovo’s new chief financial officer to staff on Thursday, according to Sky News.
This comes after a shake-up of Ovo’s leadership has seen ex-Sainsbury's boss Justin King appointed as chairman and former Just Eat Takeaway.com NV head David Buttress join as chief executive.
Ovo, which is the UK’s fourth largest household energy supplier, launched a strategic review in the summer, prompting speculation over a sale.
A sale was among several options said to be under consideration by the business, which had four million customers as of December and posted an £810 million profit last year.
It also comes as Monzo reportedly gears up for a staff share sale which would value the bank at £4.5 billion.