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Investing.com -- SSE (LON:SSE) plc on Friday said they have appointed Martin Pibworth as its chief executive designate, marking a transition for the UK utility company.
This decision follows a recruitment process and comes after the current chief executive, Alistair Phillips-Davies CBE, revealed his plans to retire in November 2024.
Pibworth is set to officially assume the role on July 17, taking over from Phillips-Davies after SSE’s annual general meeting.
Pibworth’s journey with SSE began in 1998, and over the past three decades, he has steadily progressed through several important commercial positions within the company.
He joined the Executive Committee in 2012 and the Board in 2017. In his current role as chief commercial officer, Pibworth has been responsible for overseeing SSE’s Renewables, Thermal, Energy Markets, and Energy Customer Solutions businesses.
Jefferies flags Pibworth’s deep expertise in energy markets and the execution of large capital projects, noting that he has also been actively involved in the design and delivery of SSE’s corporate strategy.
“We see new CEO appointment as a positive,” said analysts at Jefferies. The brokerage suggests that with Pibworth taking the helm, SSE is not expected to undergo any major strategic review, given his integral involvement in the company’s existing strategy.
Jefferies also indicates that Pibworth is well-known to investors, further solidifying confidence in his appointment.
In the transition period, Alistair Phillips-Davies will continue to serve as chief executive until the AGM on July 17, after which he will step down from the Board.
However, Phillips-Davies will remain with SSE as non-Executive Chair of SSEN Distribution before his departure in November 2025.