Aggreko share price: Company appoints British Gas chief as CEO

By: Farquar McIntosh
Farquar McIntosh
Farquar McIntosh began his career in metals trading, working for an established operator before going freelance as he still… read more.
on May 29, 2014
Updated: Apr 9, 2020, Thursday, May 29: Aggreko Plc (LON:AGK), has appointed Centrica Plc’s (LON:CNA) Chris Weston as its new chief executive officer.

In a statement today to the London Stock Exchange, the world’s largest temporary power generation company said that Weston, currently head of the British Gas and Direct Energy businesses (International Downstream), will assume his new position next year, once he has completed his commitments at Centrica. Weston will take over the company from Angus Cockburn, who currently serves as CEO of Aggreko on an interim basis.

The announcement heralds another high-profiled exit at Centrica, after the departure of its chief financial officer Nick Luff earlier this year. Luff left to take on a similar role at Reed Elsevier Plc (LON:REL) (Reed Elsevier share price: Company appoints Centrica’s Nick Luff as CFO). According to media speculation, the company’s CEO Sam Laidlaw could also leave soon.

In today’s trading, Aggreko shares fell 2.6 percent to 1,703.00p as of 9:24 BST. The company’s stock has declined 5.2 percent since the start of the year.
Weston will leave Centrica, having spent more than a decade serving in several executive roles at the company. He joined the company in November 2001 and shortly after that headed the British Gas business. Weston has been in his current role as managing director of Centrica’s international downstream business since February 2013.

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Aggreko chairman Ken Hanna commented on Weston’s appointment: “Chris brings senior experience of the energy industry and proven leadership skills in a large international business. He has consistently succeeded in driving performance and growth in his career and we believe he has the skills and vision to continue Aggreko’s growth and lead the Group to the next level.”

Weston said: “Aggreko is a fascinating business and I’m very excited to be taking on this role.”
Centrica said that Weston was subject to a 12-month notice period, which means that he will be able to start his new job at Aggreko sometime next year. He will replace Angus Cockburn, who has been serving as interim CFO since Rupert Soames left the temporary power provider to join Serco earlier this year.
Aggreko said that Cockburn did not apply for the permanent CEO role and has decided to step down from the company after nearly 14 years. Carole Cran, who is currently interim chief financial officer at Aggreko, has been appointed as CFO on a permanent basis.
**As of 11:02 BST buy Aggreko shares at 1,702.00p**
**As of 11:02 BST sell Aggreko shares at 1,701.00p**

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