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Innogy, SSE name CFO of combined retail company

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Innogy, SSE name CFO of combined retail company

Innogy SE and SSE PLC named Gordon Boyd as CFO designate of the new British energy supply and services company that will be formed upon completion of their pending merger deal. The appointment is effective July 4.

Boyd will be involved in the formation and listing of the combined retail entity with no participation in the management of existing companies, according to a June 11 news release. The formation and listing on the London Stock Exchange is expected to take place in the fourth quarter of this year or the first quarter of 2019.

In April, the companies appointed Katie Bickerstaffe as CEO of the combined company.

Upon completion of the merger, SSE shareholders will own 65.6% of shares in the combined company with Innogy owning 34.4% shares. Subject to necessary shareholder and regulatory approvals, the transaction is expected to be completed by the end of 2018 or in the first quarter of 2019.

Innogy is a subsidiary of RWE AG.