Marchant will leave the FTSE 100 company in July
Scottish and Southern Energy (SSE) chief executive Ian Marchant has announced he is stepping down from the FTSE 100 company in July.
Marchant, who has been with SSE since it was established from the merger between Southern Electric and Scottish Hydro Electric in 1998, has been its chief executive since 2002.
He will be replaced by his deputy Alistair Philips-Davies.
Marchant, who originally joined Southern Electric in 1992, said he believed the time was right for a change for both himself and SSE.
He said: “I am looking forward to new challenges - whatever they may be.”
SSE, the UK's second largest generator of electricity, has around 10 million customers and has delivered better-than-inflation dividend growth every year since 1999.
Shares in SSE dropped three per cent on the announcement Marchant was stepping down, though the drop was also partly down to shares trading without rights to the latest dividend.
SSE chairman Lord Smith of Kelvin said Marchant had given exemplary service as chief executive, a role held since 2002.
He added: "He has been a chief executive of the highest standard, giving outstanding leadership to SSE and to the energy sector as a whole.”