National Grid PLC Board Change (2319S)
05 Novembre 2019 - 8:00AM
UK Regulatory
TIDMNG.
RNS Number : 2319S
National Grid PLC
05 November 2019
5 November 2019
National Grid plc ('National Grid' and 'Company')
Directorate Change
National Grid today announces that it has agreed with Dean
Seavers, US Executive Director, that for personal reasons, he will
step down with immediate effect from his position as a member of
the Board and as President of the US business. Dean has agreed to
stay with the business until 31 December 2019 in order to ensure a
smooth leadership transition and handover.
Badar Khan, currently Group Director Corporate Development and
National Grid Ventures and a member of the Group Executive
Committee, will take over immediately as interim President of the
US business, pending the appointment of a permanent successor to
Dean. Badar, who has been at National Grid since April 2017, will
not join the Board in this interim role, but will continue in his
role as a member of the Group Executive Committee.
Sir Peter Gershon, Chairman, commented: "On behalf of the Board
I would like to thank Dean for the significant contribution that he
has made to National Grid and the US business over the last 5 years
and wish him all the best for the future."
John Pettigrew, CEO, commented: "It has been a pleasure to work
with Dean over the last few years and he has been a key part of my
management team. I wish him well for the future. Badar's knowledge
of National Grid and his experience in the US will ensure a smooth
transition whilst we undertake a search for Dean's permanent
successor."
The Board will now initiate a thorough process to identify a
permanent successor for Dean which will include both internal and
external candidates.
CONTACTS
Investors:
+44 (0)20 7004
Aarti Singhal 3170
Media:
Molly Neal +44 (0)7583 102727
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's
financial condition, its results of operations and businesses,
strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. These forward-looking statements are not guarantees of
National Grid's future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to
differ materially from those expressed in or implied by such
forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grid's
ability to control or estimate precisely, such as changes in laws
or regulations, including any arising as a result of the United
Kingdom's exit from the European Union, announcements from and
decisions by governmental bodies or regulators including those
relating to the role of the UK electricity system operator; the
timing of construction and delivery by third parties of new
generation projects requiring connection; breaches of, or changes
in, environmental, climate change and health and safety laws or
regulations, including breaches or other incidents arising from the
potentially harmful nature of its activities; network failure or
interruption, the inability to carry out critical non network
operations and damage to infrastructure, due to adverse weather
conditions including the impact of major storms as well as the
results of climate change, due to counterparties being unable to
deliver physical commodities, or due to the failure of or
unauthorised access to or deliberate breaches of National Grid's IT
systems and supporting technology; performance against regulatory
targets and standards and against National Grid's peers with the
aim of delivering stakeholder expectations regarding costs and
efficiency savings, including those related to investment
programmes and internal transformation and remediation plans; and
customers and counterparties (including financial institutions)
failing to perform their obligations to the Company. Other factors
that could cause actual results to differ materially from those
described in this announcement include fluctuations in exchange
rates, interest rates and commodity price indices; restrictions and
conditions (including filing requirements) in National Grid's
borrowing and debt arrangements, funding costs and access to
financing; regulatory requirements for the Company to maintain
financial resources in certain parts of its business and
restrictions on some subsidiaries' transactions such as paying
dividends, lending or levying charges; inflation or deflation; the
delayed timing of recoveries and payments in National Grid's
regulated businesses and whether aspects of its activities are
contestable; the funding requirements and performance of National
Grid's pension schemes and other post-retirement benefit schemes;
the failure to attract, train or retain employees with the
necessary competencies, including leadership skills, and any
significant disputes arising with the National Grid's employees or
the breach of laws or regulations by its employees; and the failure
to respond to market developments, including competition for
onshore transmission, the threats and opportunities presented by
emerging technology, development activities relating to changes in
the energy mix and the integration of distributed energy resources,
and the need to grow the Company's business to deliver its
strategy, as well as incorrect or unforeseen assumptions or
conclusions (including unanticipated costs and liabilities)
relating to business development activity, including assumptions in
connection with joint ventures. For further details regarding these
and other assumptions, risks and uncertainties that may impact
National Grid, please read the Strategic Report section and the
'Risk factors' on pages 212 to 215 of National Grid's most recent
Annual Report and Accounts. In addition, new factors emerge from
time to time and National Grid cannot assess the potential impact
of any such factor on its activities or the extent to which any
factor, or combination of factors, may cause actual future results
to differ materially from those contained in any forward-looking
statement. Except as may be required by law or regulation, the
Company undertakes no obligation to update any of its
forward-looking statements, which speak only as of the date of this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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