Bulb, Britain's seventh-biggest energy retailer, will lose its chief executive and co-founder Hayden Wood at the end of July as the government looks to secure a sale of the bailed-out group.
Wood stayed on at Bulb, which has 1.5mln customers, after it was placed into “special administration” when it collapsed in November last year and was propped up with an initial taxpayer loan of £1.7bn to cover its running until a buyer could be found.
It was the largest taxpayer bailout since NatWest and Lloyds Banking Group PLC (LSE:LLOY) were rescued during the 2008 financial crisis.
Wood was criticised by MPs for continuing to receive a £250,000 salary, effectively funded by taxpayers.
The UK government is considering offers for the firm, and hopes to reach an agreement within the next month, even as Centrica PLC (LSE:CNA), the owner of British Gas, dropped out of the running in June.
Among the remaining contenders are rival supplier Octopus and Masdar, an energy company from Abu Dhabi.