Golden goodbye for ousted Centrica boss Iain Conn

Golden goodbye for ousted Centrica boss Iain Conn meaning he earned nearly £13m since 2015

Rewards for failure: Former Centrica boss Iain Conn received £650,000 as he departed

The former boss of British Gas owner Centrica received £650,000 as he departed last year – taking his total pay since 2015 to nearly £13million.

Iain Conn was ousted after an exodus of more than 3m customers and a thumping annual loss, and was replaced in March 2020 by Chris O’Shea.

Conn, 58, received £239,000 for the two-and-a-half months he worked as chief executive last year. 

He also bagged £410,877 while he served out his notice, according to Centrica’s annual report.

This included £350,000 salary, £8,300 in benefits and £52,500 in pension contributions. 

His total remuneration since joining in 2015 was £12.9million.

At the same time, O’Shea, previously the finance chief, was paid £765,000 for the whole of 2020.

Conn left following a tumultuous period after 10,000 jobs were axed and the shares lost three-quarters of their value.

He blamed financial woes at the time on the Government’s energy price cap.