Money: British Gas owner Centrica set to slash dividend as chief executive Iain Conn makes 'last-chance saloon' effort to save his reputation - PressFrom - United Kingdom
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MoneyBritish Gas owner Centrica set to slash dividend as chief executive Iain Conn makes 'last-chance saloon' effort to save his reputation

10:15  22 july  2019
10:15  22 july  2019 Source:   dailymail.co.uk

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British Gas owner Centrica is set to slash its dividend as chief executive Iain Conn makes a ' last - chance saloon ' effort to save his reputation . The move would place it alongside Vodafone and Marks & Spencer as an income stock that has cut its payout this year.

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British Gas owner Centrica set to slash dividend as chief executive Iain Conn makes 'last-chance saloon' effort to save his reputation © Provided by Associated Newspapers Limited Hit hard: The energy giant's market value has fallen from £14 billion when Conn joined to £5.3 billion

British Gas owner Centrica is set to slash its dividend as chief executive Iain Conn makes a 'last-chance saloon' effort to save his reputation.

The move would place it alongside Vodafone and Marks & Spencer as an income stock that has cut its payout this year.

The energy giant's market value has fallen from £14 billion when Conn joined to £5.3 billion today.

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The company plans to shift from power generation to selling hi-tech services to households as part of the 'connected home' business, which sells smart meters and boiler insurance. It made losses of £85m last year.

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British Gas owner Centrica set to slash dividend as chief executive Iain Conn makes ' last - chance saloon ' effort to save his reputation . Marks & Spencer drafts in McDonald's chief as human resources director in a bid to overhaul the company's culture. CASH IN THE ATTIC: How vintage

British Gas owner Centrica set to slash dividend as chief executive Iain Conn makes ' last - chance saloon ' effort to save his reputation . The bank's colourful chairman Vernon Hill was also criticised for handing £21m of company money to his wife's architecture firm InterArch.

The supply business lost 742,000 customers last year, suffered due to warm UK weather and has reliability problems in its co-owned fleet of nuclear power stations.

Conn will present a strategy update and half-year results to investors on July 30. A City source said Conn was in the 'last-chance saloon' and that 'unless he comes up with something credible, he won't survive'.

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