Centrica's Chris Weston to Step Down Dec 31

By Ian Walker

LONDON--Centrica PLC (CNA.LN) said Friday that Chris Weston, who is responsible for the energy company's British Gas and Direct Energy businesses, will leave the group on Dec. 31 to take up his role as Chief Executive of temporary power provider Aggreko PLC (AGK.LN).

Ian Peters, currently Managing Director British Gas Residential Energy, will become Managing Director British Gas, responsible for Residential Energy, Services and British Gas Business, on an interim basis while the company looks for a permanent replacement for Mr. Weston, Centrica said. He will take on the temporary role from Dec. 1.

Mr. Weston will retain normal benefits up until he leaves. However, no bonus or further payments will be made to him and he will forfeit all future unvested benefits under the company's long term incentive arrangements, the company said.

Mr. Peters joined Centrica in 2002 from the financial services sector, taking up the role of Managing Director British Gas Business in 2005, and Managing Director British Gas Residential Energy in 2011.

Mr. Weston announced back in May that he would be leaving the group to become chief executive of Aggreko.

Separately Aggreko confirmed Mr. Weston will join the group on Jan. 2, 2015.

Write to Ian Walker at [e-mail]; @IanWalk40289749

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