Centrica CFO Ford steps down after 7 months in charge

Kate Ringrose, who has been with Centrica for 16 years and has most recently been the group financial controller, will replace Ford with immediate effect, and will also join the board as an executive director. The company's shares were down 2.6% at 49.4 pence in morning trade on Monday. The company had canceled dividend for 2019 early last year while warning of an increase in non-payments by customers.

Centrica Plc said on Monday Chief Financial Officer Johnathan Ford will step down just seven months into the role as the British utility undergoes restructuring efforts amid the COVID-19 pandemic.

The owner of British Gas said Ford, who will leave the company on Jan. 31, is stepping down for personal reasons. Kate Ringrose, who has been with Centrica for 16 years and has most recently been the group financial controller, will replace Ford with immediate effect, and will also join the board as an executive director.

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The company's shares were down 2.6% at 49.4 pence in morning trade on Monday. Centrica said last week a restructuring plan it had unveiled in June remains on track, and trading and optimisation performance continued to be strong, in particular in its liquefied natural gas business.

The COVID-19 pandemic affected Centrica last year, although gross impact was lower in the second half, and the utility firm has taken a cautious stance on 2021 performance against the backdrop of tighter coronavirus restrictions in Britain and Ireland. The company had canceled dividend for 2019 early last year while warning of an increase in non-payments by customers.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)