Centrica has appointed Sarwjit Sambhi as its chief executive of its consumer division, replacing Mark Hodges who is moving to Swiss Re.
Sambhi’s promotion to head Centrica’s consumer facing division, which provides energy to residential customers across the UK, US and Ireland, comes ahead of the controversial price cap that is set to be imposed on some energy bills by the UK energy regulator next year.
Last month, the company that owns British Gas was found to be “haemorrhaging” accounts after it lost 3% of its total home energy customers in the 3 months to October, following increased competition from smaller firms and the imminent price cap.
Centrica chairman Rick Haythornthwaite welcomed Mr Sambhi to the board and showed his appreciation for Mr Hodges work during “a period in which we have shifted the strategy towards the customer against a challenging backdrop of volatile commodity prices, regulatory intervention and intense competition.”
Sambhi joined the company in 2001 and has held positions across strategy, finance, trading, power generation, exploration and production.