TIDMNG.
RNS Number : 5262Y
National Grid PLC
10 September 2020
10 September 2020
National Grid plc ('National Grid' or 'the Company')
Chair Succession
Following the announcement on 30 January 2020 that Sir Peter
Gershon had informed the Board of his intention to step down,
National Grid is pleased to announce the appointment of Paula
Rosput Reynolds to succeed Sir Peter Gershon as Chair. Paula will
join the Board on 1 January 2021 as Non-executive Director and
Chair Designate and will assume the role of Chair after a
transitionary period and no later than the conclusion of the 2021
Annual General Meeting. Sir Peter will remain as Chair until this
time.
Mark Williamson, Senior Independent Director of National Grid,
who led the search, said; "Today's announcement is the culmination
of a succession planning process which we initiated last year. I am
delighted that our thorough search process has resulted in Paula's
selection as our next Chair. Paula has a highly successful track
record as a chief executive across the energy and insurance
industries and has over 20 years' experience as a non-executive
director in both the UK and US across multiple sectors and
businesses."
Paula commented; "I am honoured to be joining National Grid's
Board as the entire industry is evolving. I am looking forward to
working with John Pettigrew and the rest of the Board and meeting
National Grid employees and key stakeholders."
John Pettigrew commented; "Paula brings a wealth of board level
experience leading global companies in the energy and financial
sectors. Her experience within international and US companies and
insight into strategic and regulatory issues will be an asset to
the Board and I look forward to working alongside her."
Paula is currently Non-executive Director at General Electric
Company in the US and Senior Independent Director of BP plc where
she also chairs the Remuneration Committee. She is currently also a
Non-executive Director and Chair of the Remuneration Committee of
BAE Systems plc but will step down from BAE prior to 1 January
2021.
There are no additional matters that would require disclosure
under LR 9.6.13R (1) to (6) in respect of Paula Rosput
Reynolds.
CONTACTS
Investors:
+44 (0)20 7004 3166
Nick Ashworth (d) +44 (0)7814 355 590 (m)
Media:
+44 (0)7583 102 727
Molly Neal (m)
ADDITIONAL NOTES:
Paula Rosput Reynolds
Paula Rosput Reynolds began her career as an economist and spent
over 25 years in the energy sector in a variety of operational and
corporate roles, including at the Duke Energy Corporation and the
Pacific Gas and Electric Company. She was Chair, President and
Chief Executive Officer of AGL Resources Inc., formerly a Fortune
500 natural gas distribution, services and trading company more
recently acquired by Southern Company.
Paula Reynolds was also Chair, President and Chief Executive
Officer of Safeco Corporation, a US insurance company, until its
acquisition by Liberty Mutual Group in 2008. She was then appointed
Vice Chairman and Chief Restructuring Officer of American
International Group Inc. (AIG), overseeing the company's
divestiture of assets and serving as chief liaison with the Federal
Reserve Bank of New York.
She currently serves as a Non-executive Director of BAE Systems
plc until January 2021. Paula Reynolds is also a director of
General Electric Company and of BP plc, where she is the Senior
Independent Director. She has also previously served as a
Non-executive Director of CBRE Group, Inc., TransCanada
Corporation, Siluria Technologies Inc., Delta Air Lines, Anadarko
Petroleum Corporation Inc, Coca-Cola Enterprises Inc and Air
Products and Chemicals.
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 (the
Company) 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, predict or estimate precisely, such as the
impact of COVID-19 on its operations, employees, counterparties,
funding and legal and regulatory obligations, but also more widely
in terms of 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 proposals relating to the RIIO-T2 price
control, as well as increased political and economic uncertainty
resulting from COVID-19; 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; failure to
adequately forecast and respond to disruptions in energy supply;
performance against regulatory targets and standards and against
National Grid's peers with the aim of delivering stakeholder
expectations regarding costs and efficiency savings; 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; 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, develop
and retain employees with the necessary competencies, including
leadership and business capabilities, and any significant disputes
arising with National Grid's employees or the breach of laws or
regulations by its employees; the failure to respond to market
developments, including competition for onshore transmission, the
threats and opportunities presented by emerging technology; the
failure by the Company to respond to or meet its own commitments as
a leader in relation to climate change development activities
relating to energy transition, including 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.
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 227 to 230
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.
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