Directorate Change

RNS Number : 1079F

Drax Group PLC

25 October 2018

 

25 October 2018

Drax Group plc

(Symbol:DRX)

Appointment of new Chief Financial Officer 

The Board of Drax Group plc ("Drax" or the "Company") is pleased to announce that Andy Skelton has been appointed as Chief Financial Officer (CFO). His appointment will take effect on 2 January 2019. He will succeed Den Jones, Interim CFO, following on from Will Gardiner's appointment as Chief Executive Officer on 1 January 2018.

Andy has been CFO at Fidessa Group plc, a UK listed global software and services business, since October 2015.  He was previously Deputy CFO at CSR plc, before its acquisition in 2015 by Qualcomm Incorporated. Prior to joining CSR Andy held senior finance positions at Ericsson and Marconi, including two years as CFO of Ericsson Nikola Tesla. He has a BA in Accounting and Finance from Heriot Watt University and qualified as a chartered accountant in 1994.

Den Jones will remain with the Company until June 2019 to support the acquisition and integration of Scottish Power's portfolio of pumped storage, hydro and gas-fired generation from Iberdrola. The acquisition is conditional upon the approval by Drax's shareholders and clearance by UK Competition and Markets Authority.

Commenting on the appointment Phil Cox, Chairman of Drax, said: "The Directors are delighted to welcome Andy to the Board of Drax.  He brings a wealth of experience and skills, and will be a strong addition to the Drax team.  I also extend the directors' thanks to Den Jones who has done an excellent job as Interim CFO."

There are no further matters which are required to be disclosed under Rule 9.6.13R of the Listing Rules of the Financial Services Authority.

Enquiries:

Drax Investor Relations: Mark Strafford

[phone]

Media:

Drax External Communications: Matt Willey

[phone]

Website: www.drax.com

Notes:

Mr Skelton's remuneration will be in accordance with the Company's remuneration policy and at an annual base salary of £355,000.  No payments in respect of compensation for benefits lost on resignation from his previous employment will be made.

On 3 August 2018, an offer from ION Capital UK for the entire share capital of Fidessa was declared unconditional in all respects.

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