- Push-out Score suggests push-out forces
- After around twelve years on the job
- Accolades, praise and thanks for Thompson
- Will Gardiner taking over
- Thompson said 64 words
(exechange) — Selby, United Kingdom, September 21, 2017 — Dorothy Thompson, chief executive of Drax, leaves. As announced by Drax Group plc in a regulatory filing published on Thursday, September 21, 2017, Dorothy Carrington Thompson, Chief Executive Officer, leaves the British electrical power generation company after around twelve years on the job, effective December 31, 2017.
It is the end of an era.
Thompson’s duties are taken over by Will Gardiner, currently Chief Financial Officer at Drax Group plc.
The Board will now commence a process to appoint a new Group Chief Financial Officer and will also review the option to make an appointment on an interim basis.
“A natural progression”
The management change is explained as follows. Drax Chairman, Philip Cox, said: “[Will Gardiner’s] appointment is a natural progression after two years working alongside Dorothy developing an ambitious strategy which I am confident will create significant benefits for all Drax’s stakeholders.”
Drax said: “The Board has kept succession planning well under review and his new appointment comes after a thorough selection process involving internal and external candidates.”
Precise information about the future plans of Thompson was not immediately available.
Drax said: “The appointment results from Dorothy Thompson’s decision to step down after 12 successful years as Group Chief Executive.”
Share price decline
The change follows a decline in the share price of Drax Group plc since March 2014.
Chaired by Philip Cox
Drax Group plc is chaired by Philip Cox.
On the job as CEO since 2005
Dorothy Carrington Thompson has been the Chief Executive Officer at Drax Group Plc since joining it in September 2005 and serves as its Member of Group Executive Board.
As CEO, Thompson is responsible for all aspects of the stewardship of the Group and its business, including developing an appropriate business strategy for Board approval and securing its timely and effective implementation.
Thompson’s CV reads as follows:
Appointment to the Board
- 20 October 2005 (joined Drax in September 2005)
- Executive Committee
- Non-executive director, Eaton Corporation
- Non-executive director, Court of the Bank of England
- InterGen NV (Head of the European business and responsible for the management and operation of four gas-fired power plants, totalling some 3,160MW of capacity across the UK and the Netherlands)
- Powergen plc (Assistant Group Treasurer)
- Non-executive director, Johnson Matthey plc
- BSc Economics (Mathematical & Econometrics, 1st Class), London School of Economics & Political Science (LSE)
- MSc Economics (Monetary), LSE
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dorothy Thompson’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 40.2017 ($).