LONDON: British Gas has appointed an industry outsider who could be paid as much as £3.75m if he succeeds in turning around the retail business.
Mark Hodges could earn twice his annual £625,000 salary if he outperforms in his job as managing director. He is also in line for a long-term incentive plan worth three times his basic salary.
The insurance industry veteran, who worked for Norwich Union and Aviva for 20 years, rising to be chief executive of its UK business, will take over from Ian Peters, the interim chief executive, in June.
Mr Hodges, 49, is the first major hire of Iain Conn, the new chief executive of British Gas’s parent company, Centrica, and shows that the former BP man is looking for a fresh perspective on customer service.
