First Utility, one of the biggest independent energy suppliers in the UK, has announced a further shake-up at the top, as its chief executive prepares to depart for “personal reasons”.
Ian McCaig, who has developed First Utility into a sizeable force in the UK energy market, rivaling the so-called “big six” suppliers, will leave in September.
His departure follows a change in chairman at the end of last year. It also comes after the Conservative party confirmed it would include a price cap on standard variable rates – the tariff that affects two thirds of households in the UK – in its manifesto to be published this month.
First Utility had planned to list on the stock market but postponed plans to focus on expanding abroad and into new areas such as the supply of broadband.
Mr McCaig said: “For personal reasons…I have decided the time has come for me to hand the baton to those leading First Utility through its next chapter as a diversified multi-utility challenger. I do so confident in the knowledge that the business is in good shape, with a very exciting future ahead.”
The company is searching for a successor.