Scottish Power hunts for new chief exec
Scottish Power is looking for a new chief executive after Nick Horler quit yesterday after just two years at the helm. The energy company, which was taken over by Spanish firm Iberdrola three years ago, gave no details about Horler’s reasons, but said it accepts his decision.
Insiders believe that Horler has resigned for personal reasons that have nothing to do with the company. He will also remain as an adviser to the chairman of Scottish Power and the head of Iberdrola, Ignacio Galán.
Scottish Power, which is the leading wind-power generator in the UK and Britain’s third largest electricity group, said it has already started looking for a new chief executive. In a statement, the firm said it will continue to be run under the guidance of chief operating officer, Amparo Moraleda, while it looks for a candidate from within the UK energy market.
The company also praised Mr Horler in the statement, saying that the company is more efficient thanks to his work and that he helped complete a vital phase in the Iberdrola takeover. The Spanish firm bought Scottish Power in 2007 in a deal worth almost £12 billion.
The energy firm is a big investor in tidal power schemes and owns East Renfrewshire windfarm, the largest onshore facility in Europe. The firm also recently chose sites around the cost of Northern Ireland and Scotland that have been earmarked for a tidal power project.