Chris O'Shea

Last updated

Chris O'Shea
Born
Christopher Michael O'Shea[ citation needed ]

23 October 1973
Kirkcaldy, Scotland
EducationSt Paul's RC Primary School, Glenrothes
Holy Cross High School, Hamilton
Alma mater University of Glasgow
Duke University
OccupationBusinessman
TitleCEO, Centrica
Term2020-
Predecessor Iain Conn
Board member ofCentrica, ITT
Children3

Chris O'Shea (born 23 October 1973) is a British businessman. He has been the chief executive (CEO) of Centrica since early 2020. [1] He has been a non-executive director of ITT since May 2024. [2]

Contents

Early life

O'Shea is Scottish and was born in Fife in 1973. His family moved to Glasgow when he was 11. He studied Accounting & Finance at the University of Glasgow, and completed an MBA at Duke University. [3]

Career

O'Shea was chief financial officer of Vesuvius plc until September 2015, when he was appointed finance director of Smiths Group. [4]

Centrica

O'Shea joined Centrica in 2018 as chief financial officer before becoming chief executive officer in early 2020. [5]

O'Shea has led a turnaround of Centrica, cutting 5000 jobs of which more than half were management roles, and removing three layers of management. [6] [7] In 2022 Centrica posted the highest annual earnings in its history, repeating the feat in 2023 with record first half earnings.

From 2019 to 2022, O'Shea forewent annual bonuses of several million pounds citing the hardships faced by consumers during COVID-19 pandemic and then the global energy crisis. In 2023, Centrica posted year-end profits of over £3 billion and O'Shea faced calls to forego his bonus again eventually settling for a package of over £4 million. [8] [9]

In January 2024, O'Shea gave an interview to BBC Breakfast , in which he said of his pay of £4.5 million in 2022: "You can't justify a salary of that size. It's a huge amount of money, I am incredibly fortunate. I don't set my own pay, that's set by our remuneration committee." [10] [11] [12] In 2023, his remuneration increased to £8.2 million, [13] which was criticised by the High Pay Centre. [14]

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References

  1. ↑ Pratley, Nils (11 June 2020). "It took two tortuous years for Unilever to untangle the mess". The Guardian .
  2. ↑ "ITT Nominates Christopher OShea for Election to Board of Directors | ITT Inc". www.itt.com.
  3. ↑ Gosden, Emily (2 April 2022). "'In this business, if you feel sorry for yourself then you're in the wrong job'". The Times. Archived from the original on 2 April 2022. Retrieved 23 January 2024.
  4. ↑ "Smiths Group names Chris O'Shea as new finance director". Reuters. 1 May 2015. Retrieved 21 January 2024.
  5. ↑ Gosden, Emily (14 April 2020). "Centrica is passing the flame to Chris O'Shea". The Times.
  6. ↑ Ralph, Alex (11 June 2020). "Centrica, owner of British Gas, to cut 5,000 jobs". The Times. Archived from the original on 4 July 2021. Retrieved 21 January 2024.
  7. ↑ Ambrose, Jillian (25 February 2021). "British Gas owner plans new turnaround effort as profits hit record low". The Guardian. Retrieved 21 January 2024.
  8. ↑ "Too early to discuss bonus, says British Gas boss". BBC News. 16 February 2023. Retrieved 21 January 2024.
  9. ↑ "Unite urges Centrica Shareholders to reject CEO's obscene bonus at AGM". Unite the Union. Retrieved 21 February 2024.
  10. ↑ Neate, Rupert (19 January 2024). "Boss of British Gas owner says it is 'impossible to justify' his £4.5m pay". The Guardian. Retrieved 21 January 2024.
  11. ↑ Powell, Emma (19 January 2024). "My pay is impossible to justify, says Centrica boss Chris O'Shea". The Times. Archived from the original on 19 January 2024. Retrieved 21 January 2024.
  12. ↑ "British Gas boss Chris O'Shea: 'I can't justify my pay of £4.5m'". BBC News. 19 January 2024. Retrieved 21 January 2024.
  13. ↑ "British Gas chief's pay package jumps to £8.2m". BBC News. 26 March 2024. Retrieved 26 April 2024.
  14. ↑ Davies, Rob (26 March 2024). "British Gas owner doubles boss's pay to £8m – despite qualms over previous rise". The Guardian. Retrieved 26 April 2024.
Business positions
Preceded by Chief Executive of Centrica
March 2020 –		Succeeded by
Incumbent
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