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Pibworth, a company veteran at SSE in the UK, is promoted to CEO

Pibworth, a company veteran at SSE in the UK, is promoted to CEO

SSE, a British utility, named Martin Pibworth its new chief executive on Friday. The company veteran was tasked with leading SSE's renewables drive and helping to achieve the UK's decarbonisation targets.

Pibworth, 51 years old, is the chief commercial officer of SSE. He oversees its renewables, thermal energy, energy markets, and energy customer solution businesses.

Alistair Phillips Davies, CEO since 2013, will transfer the reins at the annual general meeting of the company on 17 July. He will leave in November. SSE announced that he would be retiring in November.

The Labour government in Britain, which took office last year, wants to decarbonise electricity by 2030. This will require an increase in renewable energy capacity, such as solar and wind.

SSEN Transmission, the SSE power network arm, announced in December that it would invest at least $28.5 billion (22 billion pounds) over a five-year period from April 2026 to grid infrastructure.

Analysts at Jefferies hailed Pibworth’s appointment as "clearly positive".

Martin was actively involved as SSE's Chief Commercial Officer in the development and implementation of SSE corporate strategy. We wouldn't expect any major strategic reviews to be conducted by the company with Martin as its new CEO," the note said.

SSE under Phillips-Davies made a strategic pivot towards its renewables and networks businesses. During his tenure, the company's shares gained 4% and reached a high of 2,109 pences in September.

In early Friday trading, the stock rose about 1% to 1,563 pence.

The company announced last month that it would produce more renewables in the nine-month period leading up to December 31, 2024. However, they also issued a cautious outlook for profits.

(source: Reuters)