Shares in SSE have gained about 14% since Mr Phillips-Davies, 57, was promoted to the top job in 2013, peaking at an all-time high of 2,019p in September this year. While the leadership change will inevitably create a degree of uncertainty, the company is in a sweet spot in terms of its alignment with UK Government energy policy.
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Sir John Manzoni, SSE’s chair and a former UK cabinet secretary, has promised a “smooth and orderly transition” to new leadership with Mr Phillips-Davies remaining in position until a successor is found. The search for a new chief executive is underway.
“Alistair has been an exceptional chief executive,” Sir John said. “Under his leadership, the group has transformed into a genuine energy transition leader, sharpening its focus on networks, renewables and flexibility, whilst successfully entering new markets.
“Over his 11 years as chief executive he has assembled a world-class team around him and created a legacy of critical clean electricity infrastructure. Alistair has also grown SSE’s UK and Irish core, whilst expanding into selected overseas markets, leaving the company extremely well-positioned to continue creating long-term, sustainable value for society and shareholders under his successor.”
Until that successor is found, Mr Phillips-Davies says he remains “fully committed to growing the business”.
“We have come a long, long way thanks to the hard work and talent of countless colleagues during that time, and it has been an amazing experience to be part of this great team in the UK, Ireland and now further afield,” he added.
