logo
#

Latest news with #MartinPibworth

Energy giant SSE names new chief executive from inside firm
Energy giant SSE names new chief executive from inside firm

The Independent

time28-03-2025

  • Business
  • The Independent

Energy giant SSE names new chief executive from inside firm

SSE has appointed a new chief executive after current boss Alistair Phillips-Davies announced his retirement last year. Martin Pibworth, who is currently the firm's chief commercial officer, will take over the top job in July, with a nearly £1 million a year starting salary. It comes after Mr Phillips-Davies oversaw SSE's exit from the retail energy market in 2019, selling that part of its business to Ovo. The outgoing chief was also made a Commander of the Order of the British Empire (CBE) for services to the energy industry last year. Mr Pibworth takes the hotseat as SSE is partway through a £20.5 billion investment plan, which involves connecting an onshore wind farm in Shetland to the UK power grid and building a £4.3 billion sub-sea transmission cable between Peterhead in Scotland to a site in Yorkshire. Both projects contribute to plans from the Government to ramp up massively clean energy generation on UK soil and in its waters to virtually cut out carbon emissions from the grid by 2030. SSE is also working on the world's largest offshore wind farm, the 3.6 gigawatt Dogger Bank scheme, and said it expects to complete the first part of that by the second half of 2025. Chairman Sir John Manzoni said the new boss is a 'proven industry leader, with deep sector experience and a highly strategic outlook'. 'Alistair has been an exceptional chief executive, leading the company's transition into being the UK and Ireland's clean energy champion, whilst delivering true and lasting value for all of our stakeholders.' SSE said the new chief will get a base salary of £970,000 per annum, which will rise to £1.05 million from April next year, while bonuses and share-based incentive payments could see that rise significantly further.

Energy giant SSE names new chief executive from inside firm
Energy giant SSE names new chief executive from inside firm

Yahoo

time28-03-2025

  • Business
  • Yahoo

Energy giant SSE names new chief executive from inside firm

SSE has appointed a new chief executive after current boss Alistair Phillips-Davies announced his retirement last year. Martin Pibworth, who is currently the firm's chief commercial officer, will take over the top job in July, with a nearly £1 million a year starting salary. It comes after Mr Phillips-Davies oversaw SSE's exit from the retail energy market in 2019, selling that part of its business to Ovo. The outgoing chief was also made a Commander of the Order of the British Empire (CBE) for services to the energy industry last year. Mr Pibworth takes the hotseat as SSE is partway through a £20.5 billion investment plan, which involves connecting an onshore wind farm in Shetland to the UK power grid and building a £4.3 billion sub-sea transmission cable between Peterhead in Scotland to a site in Yorkshire. Both projects contribute to plans from the Government to ramp up massively clean energy generation on UK soil and in its waters to virtually cut out carbon emissions from the grid by 2030. SSE is also working on the world's largest offshore wind farm, the 3.6 gigawatt Dogger Bank scheme, and said it expects to complete the first part of that by the second half of 2025. Chairman Sir John Manzoni said the new boss is a 'proven industry leader, with deep sector experience and a highly strategic outlook'. 'Alistair has been an exceptional chief executive, leading the company's transition into being the UK and Ireland's clean energy champion, whilst delivering true and lasting value for all of our stakeholders.' SSE said the new chief will get a base salary of £970,000 per annum, which will rise to £1.05 million from April next year, while bonuses and share-based incentive payments could see that rise significantly further.

UK's SSE promotes company veteran Pibworth to CEO
UK's SSE promotes company veteran Pibworth to CEO

Reuters

time28-03-2025

  • Business
  • Reuters

UK's SSE promotes company veteran Pibworth to CEO

March 28 (Reuters) - Britain's SSE (SSE.L), opens new tab on Friday named Martin Pibworth as its chief executive designate, tasking the company veteran with leading the utility's renewables push and helping the UK deliver on its decarbonisation goals. Pibworth, 51, joined SSE in 1998 and is currently its chief commercial officer, overseeing SSE's renewables, thermal, energy markets and energy customer solutions businesses. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Alistair Phillips-Davies, who has been CEO since 2013, will hand over the reins following an annual general meeting on July 17, and leave the company in November. SSE announced his retirement in November. Britain's Labour government, which came into power last year, aims to decarbonise the electricity sector by 2030, which will require a rapid increase of renewable power capacity such as wind and solar. Last December, SSE said its power network arm SSEN Transmission would invest at least 22 billion pounds ($28.5 billion) in grid infrastructure over five years from April 2026. Jefferies analysts welcomed Pibworth's appointment as a "clear positive". "As SSE's CCO, Martin has been actively involved in the design and delivery of SSE's corporate strategy. With this, we wouldn't expect the company to undergo any major strategic review with him as the new CEO," they said in a note. Under Phillips-Davies, SSE made a strategic shift towards its networks and renewables businesses. Its shares have gained about 4% during his leadership, hitting an all-time high of 2,109 pence in September last year. The stock was up about 1% at 1,563 pence in early trading on Friday. Last month, the company reported higher renewables output in the nine months to December 31, 2024, but issued a cautious profit outlook. ($1 = 0.7719 pounds)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store