Centrica names Kate Ringrose as its next Chief Financial Officer

Written by: Wajeeh Khan
January 18, 2021
  • Centrica names Kate Ringrose as its next Chief Financial Officer.
  • The utility company says CFO Ford left the company for personal reasons.
  • The British multinational suspended dividend payments last year.

In an announcement on Monday, Centrica plc (LON: CNA) said that CFO Johnathan Ford will exit the role on 31st January. Ford’s tenure as the Chief Financial Officer at the utility company spanned over seven months only.

Centrica opened a little under 2% down on Monday and slid another 1% in the next hour. At 49.42 pence per share, the stock has recovered sharply from 30.21 pence per share in the last week of April 2020.

Centrica says Ford left the company for personal reasons

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Centrica is currently undergoing restructuring as part of its strategy to combat the ongoing Coronavirus pandemic that has so far infected a little under 3.4 million people in the United Kingdom and caused over 89 thousand deaths. The British multinational, however, said that Ford had decided to part ways for personal reasons.

The Windsor-based company also named Kate Ringrose as its next CFO on Monday, effective immediately. Ringrose was recently serving as the financial controller at Centrica. She has been with the energy and services company for sixteen years. Ringrose, as per the British company, will also now join as an executive director of the board.

Centrica said in the last week of July 2020 that it will sell its North American subsidiary, Direct Energy, to NRG Energy for £2.85 billion.

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Centrica suspended dividend payments last year

The announcement comes a week after Centrica had expressed confidence that its restructuring programme was unfolding as planned. It had unveiled the scheme last year in June. The utility company also said earlier in January that trading and optimisation performance remained robust, attributed primarily to its liquefied natural gas operations.

In separate news from the United Kingdom, Deliveroo said late on Sunday that it raised £133 million from investors – a move that valued the online food delivery company at over £5.17 billion.

Centrica resorted to suspending dividend payments last year to cushion the economic blow from the ongoing COVID-19 crisis. Owing to the stringent restrictions applied again in the UK and Ireland as the new variant of the flu-like virus wreaked havoc in recent weeks, the multinational remains cautious regarding its outlook for fiscal 2021.

Centrica performed largely downbeat in the stock market last year with an annual decline of roughly 45%. At the time of writing, the British multinational energy and services company has a market capitalisation of £2.89 billion.