By Razak Musah Baba
LONDON--U.K.-based utility Centrica PLC (CNA.LN) on Tuesday
confirmed the appointment of BP PLC's (BP.LN) Board Director Iain
Conn as Chief Executive with effect from Jan. 1, 2015.
Centrica's announcement follows last week's confirmation of
talks with Mr. Conn about the possibility of him succeeding as CEO
of the firm.
Centrica, which distributes gas to U.K. households through its
British Gas commercial unit, said Mr. Conn's remuneration package
will consist of a basic salary of 900,000 pounds ($1.58 million)
and variable incentive arrangements which are in line with
Centrica's current remuneration policy and practice.
At 1515 GMT, Centrica shares traded up 0.1%, at 315 pence,
valuing the company at GBP15.88 billion.
--Ian Walker contributed to this article
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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