SSE's Chief Executive to leave after 10 years

published 23 January 2013

Chief Executive of SSE, Ian Marchant, is stepping down after more than 10 years in the role, the energy giant announced Wednesday.

Marchant said he felt the 'time was right' to resign as he was ready for a change.

Deputy Chief Executive Alistair Phillips-Davies will succeed Marchant on July 1st. He was appointed deputy chief last year and has been on the board since 2002.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

"I have been tremendously privileged to be part of a team that has created SSE into a company with a solid platform for future growth," Marchant said.

"I have thoroughly enjoyed my time as chief executive but feel that, after 10 years, the time is right for a change for both SSE and me. I am sure that SSE will continue to go from strength to strength under Alistair's leadership. As for me, I am looking forward to new challenges - whatever they may be."

Marchant started out with the FTSE 100 group's predecessor company Southern Electric in 1992 before joining SSE as Finance Director when it was formed in 1998, and was appointed Chief Executive in 2002.

Phillips-Davies will take over with the support of Finance Director, Gregor Alexander, who will expand his role as a deputy for the Chief Executive in the running and operations of the company.

"The job of Chief Executive is not one to be taken on lightly, but along with the responsibility comes the opportunity to build on the tremendous work that Ian has done in the past 10 years and to work with Gregor, the management board and the rest of the team throughout SSE to build on the company's track record of real dividend growth, sector-leading customer service and commitment to making supplies of energy more sustainable and as affordable as possible," Phillips-Davies said.

"I am looking forward to the opportunity of the next few months to work with Ian, Gregor and the rest of the team to make this transition as seamless as possible."