Centrica chief executive Sam Laidlaw is reportedly on his way out this year, with the energy giant said to have appointed head-hunters to find his replacement.
The Scottish Gas owner is understood to have hired executive search consultant Spencer Stuart to put together a shortlist.
Mr Laidlaw has held the top job at Britain’s biggest energy provider for eight years. He is expected to announce his departure in the coming months, meaning he could leave Centrica just as the Competition and Markets Authority mounts an investigation into the UK’s six biggest power providers.
The inquiry, which could lead to the dominant suppliers being broken up into separate retail and energy generation businesses, is due to start in June.
A spokeswoman for Centrica was unable to confirm whether Mr Laidlaw would be going this year, saying there was no set timescale for him leaving the company.
The group has lost finance director Nick Luff, British/Scottish Gas chief Phil Bentley and chairman Sir Roger Carr during the past year as annual profits slumped to £1.6billion, from £2.4billion. Mr Luff quit Centrica to take up the same role at publisher Reed Elsevier later this year, and his departure alongside Mr Laidlaw’s could mire Centrica in boardroom chaos.
A Centrica source said: “Given we are focused on the succession of Nick [Luff], it makes sense to think of chief executive plans, too.
“It’s looking like a competition inquiry is ahead; that could take three years. Is Sam going to be here in three years? No.”
Mr Laidlaw, who lives in a Chelsea townhouse and was dubbed “Sammy Two Pools” after building a second swimming pool at his Cotswolds estate, has stoked consumer anger over soaring energy bills. Average prices for dual-fuel customers in the group’s retail arm have shot up from about £1,000 a year in 2007 to £1,400 this year, according to comparison site uSwitch.
Centrica’s boss can expect to depart with shares and a pension worth more than £12million.
Insiders have named Chris Weston, who ran Centrica’s US business before returning to the UK as the head of British/Scottish Gas last year, as the favourite to replace him.
Iain Conn, who heads up BP’s refining and marketing business, is also thought to be a contender.