National Grid PLC (LON:NG.) has announced that its chief financial officer Andrew Bonfield is stepping down to take up a position with an unidentified US public company which will allow him to be closer to his family.
The power distribution group said Andy Agg, currently group tax and treasury director, will hold the CFO position on an interim basis while the board looks to identify a permanent successor.
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Bonfield, who has been CFO since November 2010, will step down after National Grid's annual general meeting on July 30.
He was previously CFO of Cadbury PLC and Bristol-Myers Squibb, and finance director at BG Group PLC.
National Grid said it will consider both internal and external candidates to identify a permanent successor to Bonfield.
In early morning trading, National Grid shares were up 0.5% at 849.70p.