Centrica share price: British Gas owner appoints Weir Group’s Charles Berry as chairman

Move comes as Rick Haythornthwaite prepares to step down

Centrica share price: British Gas owner appoints Weir Group’s Charles Berry as chairman

Centrica (LON:CNA) has appointed The Weir Group’s Charles Berry as its new chairman, the British Gas owner has said. The news comes after earlier this year, the FTSE 100 group’s chairman Rick Haythornthwaite unveiled plans to step down from the company.

Centrica’s share price has been little changed in today’s session, having inched 0.23 percent higher to 149.95p as of 10:36 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index having surged 1.49 percent to 7,140.64 points. The group’s shares have given up just under 12 percent of their value over the past year, as compared with about a five-percent dip in the Footsie.

Centrica appoints chairman designate

Centrica announced in a statement this morning that it had appointed Charles Berry as a Director and Chairman designate. Berry, who is chairman of The Weir Group, will join the FTSE 100 company’s board today as a non-executive director and become chairman on February 21, succeeding Rick Haythornthwaite who announced in May this year that he was planning to step down during the course of the next 12 months. The British Gas owner said today that Haythornthwaite will step down on February 20.

“The markets in which we operate have been very challenging in the last few years, and we have worked hard to reposition and strengthen the Group as the landscape for energy and services continues to change,” Centrica’s chief executive Iain Conn commented in the statement, adding that Berry brought “extensive experience and leadership to the Board”.

Analysts on British Gas owner

Credit Suisse reaffirmed Centrica as an ‘outperform’ this week, while earlier this month, Berenberg Bank reaffirmed the group as a ‘buy’. According to MarketBeat, the British Gas owner currently has a consensus ‘hold’ rating and an average price target of 161.64p.

Centrica is scheduled to update investors on its recent trading on November 22.

As of 10:47 GMT, Wednesday, 31 October, Centrica PLC share price is 149.75p.

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