National Grid boss Steve Holliday steps down
National Grid chief executive Steve Holliday is leaving the utilities giant next year after nearly a decade in the role, and 14 years at the company in total.
Holliday will retire at the end of the financial year next March and will remain on the board until July 2016 to support the transition.
He is being replaced by John Pettigrew, currently executive director of the group's UK operations. Pettigrew has been with National Grid for nearly 25 years, having held a number of roles prior to his current position, and joined the board last year.
Holliday said: "It has been a great privilege to have been part of shaping National Grid's success over the past 14 years. The business is in a strong position with good regulatory frameworks and excellent prospects for growth, and I am pleased to be leaving National Grid in the very capable hands of John Pettigrew and a high performing management team."
Sir Peter Gershon, National Grid chairman, praised Holliday for his "significant contribution to the energy sector and National Grid".
"Under Steve's leadership the company has delivered excellent returns for shareholders ensuring its place as one of the world's leading utilities," Gershon added. "The committee was unanimous in its support for John given his experience covering our UK and US operations."