Drax Group has announced that its chief executive Dorothy Thompson is to retire at the end of this year, calling curtains on a 12-year stint in the hot seat.
Thompson is to leave the firm at the end of the year and will be replaced by current CFO Will Gardiner, who will lead Drax from 1 January 2018 onwards.
Phillip Cox, chairman at Drax, paid testament to Thompson’s “enormous contribution” to the company.
“She transformed the business during her tenure and leaves the group in a strong position with a clear strategy that lays the foundations for further success in a changing energy sector,” he added.
Thompson joined Drax as CEO in September 2005, leading the firm through its listing on the London Stock Exchange three months later and subsequent change of focus, steering the firm toward a new strategy.
Late last year Drax splashed £340 million acquiring the business energy supplier Opus Energy in order to cement its position in the utility sector, complementing its existing supply arm Haven Power.
And earlier this year the group spoke of its intention to repurpose further coal generation plants having seen the depreciation of these assets increase.
Thompson said she was retiring knowing the group is “in excellent shape”, adding that “it has the right strategy, the right team and in Will, the right leader.”
Gardiner succeeds Thompson after just less than two years at Drax. He joined in November 2015 as CFO having held similar positions at global semiconductor firm CSR and BSkyB.
“I am thrilled to be appointed as group chief executive at this exciting time for Drax. The changes we are seeing in the UK energy sector are unprecedented and we have an opportunity to thrive while doing the right thing for the UK energy market.
“Drax’s people have demonstrated repeatedly their ability to deliver transformational change and I’m delighted to be working with them to build on Dorothy’s strong legacy,” he said.
