Business Context and Reporting Period
Company: National Grid plc
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 01, 2025
Subject: Announcement of Chief Executive Officer (CEO) succession plan and appointment of a new CEO.
Key Financial Metrics
This filing is a corporate governance announcement and does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period.
Material Changes
The primary material change disclosed is the leadership transition at the executive level:
- Outgoing CEO: John Pettigrew will retire effective November 16, 2025, after nearly 10 years as CEO and over 30 years with the company.
- Incoming CEO: Zoë Yujnovich has been appointed as the next Chief Executive.
- Transition Timeline:
- September 1, 2025: Zoë Yujnovich joins the Board as Chief Executive Designate.
- November 16, 2025: John Pettigrew retires from the Board and CEO role.
- November 17, 2025: Zoë Yujnovich is appointed Chief Executive.
Guidance, Outlook, and Management Commentary
Management Commentary:
- Chair Paula Reynolds: Praised John Pettigrew for driving strategic transformation and delivering shareholder value. She stated the company is in a "strong financial and operational position" to deliver on growth opportunities.
- CEO John Pettigrew: Expressed confidence in the company's position as a leader in energy networks across the UK and US. He emphasized his focus on ensuring a seamless handover and leaving the company in the "strongest possible position."
- CEO Designate Zoë Yujnovich: Highlighted her experience in delivering large-scale capital projects in complex political environments. She expressed excitement about leading National Grid's growth and its role in making energy secure, affordable, and reliable.
Remuneration Details
- John Pettigrew: Will receive current salary and benefits until cessation of employment. Eligible for pro-rata annual bonus and Long-Term Performance Plan (LTPP) awards, treated as a "good leaver" with awards vesting at normal dates subject to performance conditions.
- Zoë Yujnovich: Base salary set at £1,300,000 per annum. Will receive share-based awards on appointment to replace remuneration foregone from her previous employer (Shell plc).
Investor Verification Checklist
- Verify the exact dates of the leadership transition (Sept 1, 2025, and Nov 16/17, 2025).
- Review the upcoming Section 430(2B) disclosure and the Directors' Remuneration Report for the year ending March 31, 2026, for detailed payout structures for both executives.
- Assess Zoë Yujnovich's prior experience at Shell plc and Rio Tinto regarding large-scale infrastructure project delivery.
- Monitor subsequent filings for any changes to the strategic roadmap or capital expenditure plans under the new leadership.