SSE and Innogy appoint finance chief for proposed retail business

Boyd: CFO designate for SSE+Npower merge co.

Gordon Boyd will head up finance at the merged SSE and Npower energy retail outfit, if it is approved by SSE shareholders and cleared by the competition watchdog.

The Competition and Markets Authority is scutinising the deal, and along with regulator Ofgem, has raised concerns that it could reduce market competition.

In a 47-page submission, SSE and Npower parent, Innogy, have suggested Ofgem’s arguments are contradictory and the CMA’s evidence is out of date. The two “look forward to engaging constructively … to assist the CMA in reaching the conclusion that the transaction should be cleared unconditionally”, according to the document.

SSE and Innogy said the formation and listing of the new company “remains on course to take place in the last quarter of 2018 or first quarter of 2019”.

Bickerstaffe: Will lead merged retail business.

The firms have already appointed Katie Bickerstaffe, the former Dixons Carphone chief executive, as designate CEO.

Boyd, who will be CFO, has held senior finance positions with British Energy and EDF Energy and oversaw the initial public offerings of Drax and Infinis. He also held senior roles with British Energy, including director of corporate restructuring, and has worked for firms including Nuclear Electric, Cadbury Schweppes and Mothercare.

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