Business Context and Reporting Period
This Form 6-K filing by National Grid plc, dated October 4, 2006, reports a material change in the company's directorate. The announcement was made to the London Stock Exchange regarding the departure of a senior executive.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly an announcement of personnel changes and contains no financial performance data.
Material Changes
- Directorate Change: Mike Jesanis, Group Director responsible for US distribution, will leave the Group on December 31, 2006.
- Strategic Context: The departure occurs as the Group finalizes its future operating structure following the earlier announcement of the acquisition of KeySpan.
- Executive Tenure: Jesanis joined New England Electric System (NEES) in 1983 and has been with National Grid since its 2000 acquisition of NEES.
Management Commentary and Outlook
Sir John Parker, Chairman of National Grid, stated that Jesanis was instrumental in the establishment and growth of the US business. Parker noted that the business is in "very good shape" for the next stage of development as the company moves toward completing the KeySpan acquisition. No specific financial guidance or risk factors were disclosed in this filing.
Key Facts for Investor Verification
- Confirm the timeline for the KeySpan acquisition completion.
- Identify the successor appointed to lead US distribution operations following Jesanis's departure.
- Review the finalized operating structure of the Group post-acquisition.