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Centrica finance chief leaves after just seven months

The owner of British Gas has promoted Kate Ringrose to be its new chief financial officer

Centrica PLC -

Centrica PLC (LON:CNA) has said its chief financial officer has stepped down from the board with immediate effect after just over seven months in the role.

The operator of British Gas said that Johnathan Ford, who joined from Homeserve last June, was making the move for personal reasons.

READ: Centrica expects to beat earnings forecasts for 2020 but "remains cautious"

Group financial controller Kate Ringrose has been appointed to the board as the FTSE 250 group’s new CFO with immediate effect.

She has been at Centrica for 16 years and has held a variety of roles across the energy, services and trading businesses.

Ford, who joined just as the company announced a significant restructuring plan, including cutting 5,000 jobs as it streamlines its number of business units, and then agreeing the sale of its US business in July, said he was disappointed not to be able to see the company’s turnaround through to its conclusion.

Group chief executive Chris O'Shea said Ringrose was “a very capable internal successor” and the board would “continue to focus on delivering the turnaround”.

Quick facts: Centrica PLC

Price: 51.94 GBX

Market: LSE
Market Cap: £3.05 billion

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