British Gas shares plummet – CEO’s salary soars

“The boss of Centrica [formerly British Gas] is fighting for his job as investors lose faith in his leadership.

Iain Conn has been chief executive of the British Gas owner since 2015 – picking up £11.1 million in pay along the way.

But the FTSE 100 group’s shares have tumbled 60 per cent on his watch and are at their lowest level since 1999.

The father-of-three’s position is seen as particularly vulnerable since the arrival of Charles Berry, who succeeded Rick Haythornthwaite as chairman in February. …

Conn has also attracted the ire of retail investors who have seen the value of their savings plummet from 279p a share when he took over in 2015 to 109.05p at the close of business yesterday.

The slump has slashed Centrica’s value from £15.9 billion to £6.2 billion.

The backlash among shareholders comes a week after it emerged that Conn, 56, enjoyed a 44 per cent pay rise to £2.4million in 2018.

The rise of £740,000 covered a year when British Gas hiked bills for millions of families and saw 742,000 customers leave. …

Centrica this month announced another 500 jobs are at risk – 400 of which are based in Glasgow –- as part of the company’s plan to cut 2,000 jobs this year. It has axed 7,700 jobs since 2015.

Centrica declined to comment last night. …”

https://www.thisismoney.co.uk/money/markets/article-6925171/British-Gas-boss-fights-job-Iain-Conn-fire-shares-hit-20-year-low.html

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