John Pettigrew To Succeed Steve Holliday As CEO Of National Grid

(RTTNews) - Electricity and gas utility National Grid (NG.L, NGG) said Steve Holliday has informed the Board that he wishes to retire as Chief Executive Officer and leave the company in 2016. He will be succeeded as CEO by John Pettigrew, currently Executive Director of the Group's UK operations.

Holliday will remain CEO until the end of this financial year, till March 31, 2016, and on the Board until July 2016, to support Pettigrew with the transition. Holliday will leave National Grid after nearly a decade as CEO and 14 years on the Board. He joined the company in 2001 as Board member for UK Transmission after spending 20 years in the oil industry. He was appointed as CEO in 2006. John Pettigrew has been with National Grid for nearly 25 years and joined the Board in 2014 as Executive Director UK. He has held several senior management roles in the company.

Pettigrew has been appointed on an annual salary of 825,000 pounds, effective from April 1, 2016. This will next be reviewed in June 2017.