A controversial energy boss who admitted that top executives are overpaid has landed a new £3,500-a-day job with the Wood Group
Ian Marchant – who quit ‘Big Six’ energy supplier SSE last year – was yesterday named as chairman of offshore engineering giant.
He will be the long-term replacement for Sir Ian Wood, who stood down in 2012.
Mr Marchant’s last few months at the Scottish Hydro parent were overshadowed by anger at soaring energy prices and rising executive pay – and he conceded that top managers were being paid too much.
The Press and Journal understands that he will now receive an annual pay packet of £250,000 to work six days a month with the Aberdeen-based firm.
Last night he said the salary – which works out at nearly £3,500-a-day – was a reflection on the “wisdom and contacts” he brings to the business. The Wood Group said it was “delighted” with the appointment.
Outgoing chairman Allister Langlands has been with Wood Group since 1991, initially as finance director, then deputy chief executive and finally chairman.
He said: “Ian has made an outstanding contribution to the board as a non-executive director, as chairman of the audit committee and, latterly as our senior independent non-executive director.
“Following his retirement as chief executive of SSE, the board and the nomination committee are delighted that he has agreed to succeed me as chairman of Wood Group.” Mr Marchant said: “I am delighted to have the opportunity to chair the board of Wood Group following Allister’s retirement.
“Allister has been an outstanding leader and the architect of much of the group’s organic and acquisitive growth over 23 years including, most recently, the acquisition of PSN, the sale of the Group’s Well Support business and the proposed rotating equipment joint venture with Siemens. Since his appointment as chairman in 2012, he has provided valuable continuity and support for Bob Keiller as he has taken over leadership of the group.”
SSE customers saw their average energy bills triple during Mr Marchant’s near-11 year tenure.
And last April the energy firm was fined a record £10.5million by Ofgem for “prolonged and extensive” mis-selling.
Mr Marchant said he was “deeply ashamed” about what happened, saying he would “regret” it for the rest of his career.
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