PowerGen succession battle begins as Wallis set to depart
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The management succession at PowerGen was thrown into the melting pot yesterday after its executive chairman Ed Wallis was named as the next chairman of the car components group LucasVarity.
Michael Harrison assesses what the appointment means for the two companies.
Mr Wallis will take over as non-executive chairman of LucasVarity next May, succeeding Sir Brian Pearse the former banker who led Lucas into its merger with Varity a year ago.
Although Mr Wallis will continue in his present role at PowerGen, the appointment is bound to increase speculation about who will take over when he eventually relinquishes executive responsibilities at the electricity generator.
The front-runner would appear to be Deryk King who was brought in from ICI as managing director of PowerGen 18 months ago. That appointment prompted the departure of John Rennocks, who was finance director at the time.
It was being stressed yesterday that Mr Wallis has no intention of easing down from his executive duties in the foreseeable future, nor was management succession an issue for the PowerGen board. However, Mr Wallis's decision to accept a chairmanship outside the group was seen as a further endorsement of Mr King's ability to run the group on a day to day basis.
Mr Wallis has led PowerGen since its privatisation in 1991 and has overseen its expansion overseas in the face of growing competition from independent generators at home and the refusal of the last Government to allow it to purchase a regional electricity company.
Recently he has renewed his appeal to be allowed to buy a Rec, warning the new Government that unless a handful of strong integrated power suppliers are allowed to develop then the liberalisation of the domestic electricity market next year could be "stillborn".
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments