Iain Conn quits BP and looks set to take top job at British Gas owner Centrica
On the move: BP said downstream boss Iain Conn would leave by the end of the year
BP has confirmed the departure of downstream boss Iain Conn, clearing the way for him to end three decades with the company to take the top job at British Gas owner Centrica.
The oil supermajor said he would leave by the end of the year, handing over to Tufan Erginbilgic, his second-in-command.
Conn is widely expected to take over from Sam Laidlaw at Centrica (up 2.1p to 313p), but the gas company was not able to confirm the appointment yesterday.
‘Centrica confirms that it has been, and continues to be, in discussions with Iain about the possibility of him succeeding Sam Laidlaw as CEO of Centrica,’ it said.
Senior sources said Conn had been unwilling to sign on the dotted line before announcing his departure from BP (up 3p to 503.8p).
But the way is now clear for him to be unveiled in the Centrica role at or before the firm’s interim results presentation next Thursday.
Conn, 51, will pick up pay deals worth up to £12.5m for his final year with BP, plus share schemes from previous years that are yet to pay out.
His final year’s salary is £797,000, although that falls to £332,000 if he joins Centrica on January 1, when he leaves BP.
He will also get a termination payment of £453,677, cut to £324,055 if he takes the Centrica job.
He is also entitled to performance shares worth up to £7m and a series of other share awards worth up to a further £4.2m combined, although the awards will be lower if he does not hit 100 per cent of targets.
His bonus for this year’s work is unknown but last year’s award was just under £1m.
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