Importance Score: 25 / 100 🔵
National Grid chief executive John Pettigrew is set to step down this year after nearly a decade overseeing the energy infrastructure behemoth.
Transition in Leadership
The energy firm announced that Pettigrew, who joined National Grid as a graduate in 1991 and has since held various executive positions, will vacate his role in November.
He will be replaced by Zoë Yujnovich, who until recently served on Shell’s executive committee and acted as the energy conglomerate’s director of integrated gas and upstream operations.
Profile of the Incoming CEO
Yujnovich, who has also held senior positions at mining powerhouse Rio Tinto, will commence her duties in September before officially assuming the top position in the wake of Pettigrew’s departure in November.
- Previous experience with Shell’s executive committee
- Directed integrated gas and upstream operations
- Senior roles at Rio Tinto
Strategic Objectives and Investment Plans
Yujnovich will be tasked with navigating National Grid’s persistent strategic overhaul, focusing on reallocating investments and reinforcing operations, a process initiated in May of the preceding year.
National Grid, which regulates the UK’s energy network and operates gas and electricity enterprises in the United States, presented plans in December to invest £35billion into its electricity transmission business as part of an upgrade to Britain’s energy blueprint.
Industry Insights from Leadership
Outgoing CEO Pettigrew remarked that Yujnovich possesses ‘all the essential qualities needed to deliver on the substantial growth prospects ahead and to guide National Grid through its next phase.’
Chair Paula Reynolds noted, ‘With an international perspective, she exhibits a robust sense of purpose and serves as an inspiring leader. She will bring a commendable history of executing complex, large-scale capital undertakings in intricate political environments.’
Market Performance and Outlook
National Grid’s stock values were down 1% to 1,072.5p in early trading. The shares have seen an approximate 10% increase over the past 12 months.
Yujnovich expressed, ‘I firmly believe in the critical role energy companies play in driving transformation and generating value. On both sides of the Atlantic, National Grid holds a crucial position in ensuring energy is secure, affordable, and reliable for our clients and communities.
‘I am eager to lead National Grid as it pursues the growth opportunities that lie ahead.’