 Scottish Power said Philip Bowman has a "consistent track record" |
Energy giant Scottish Power has replaced its chief executive of the last four years with the former boss of a drinks firm, it has emerged. The company said the appointment of Philip Bowman would bring in a "fresh perspective".
It had insisted the business was in robust health under Ian Russell. He will receive a pay-off of �700,000 - equivalent to a year's salary.
Australian Mr Bowman, 53, was formerly chief executive of Allied Domecq.
He lost that role last year when Pernod Ricard bought the Allied business for �7.4bn.
Change welcomed
Scottish Power chairman Charles Miller Smith said: "He has extensive experience at the helm of major public companies and a consistent track record of building value for shareholders.
"He will bring a fresh perspective to Scottish Power and we look forward to working with him."
Mr Russell joined Scottish Power as finance chief in 1994 and became chief executive in 2001.
He took the company's customer base to more than five million and recently led the firm's rejection of a �10.7bn takeover proposal from Powergen owner E.On.
Shareholders welcomed the change, as Scottish Power shares jumped ahead by 4% to 565p.
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