Aggreko CEO Weston to leave within months of £2.3bn takeover
Written by Hit Music Radio News on 19/11/2021
The chief executive of Aggreko, the temporary power supplier, is stepping down months after being delisted from the London stock market.
Sky News has learnt that Chris Weston, who joined Aggreko seven years ago, is leaving the business following its £2.3bn takeover by I Squared Capital and TDR Capital.
Sources said that the new owners had lined up Blair Illingworth, a former executive at the industrial turnaround group Melrose Industries, had been lined up as Aggreko’s interim chief executive.
The former FTSE 250 stalwart was taken private after upgrading full-year profit forecasts, saying that activity levels had recovered more strongly from the pandemic than anticipated.
This year, it held contracts to supply power to events such as the Olympic Games in Tokyo, with the deal worth hundreds of millions of dollars to Aggreko.
The new owners drafted in Mike Smith, a former chairman of Modulaire Group – which was also owned by TDR – as its new chairman last month.
Aggreko was one of a number of London-listed companies to be taken over by private equity bidders this year, with the others including Wm Morrison, the supermarket chain, and John Laing, the infrastructure group.
Prior to joining Aggreko, Mr Weston ran the British Gas division of Centrica, the UK’s biggest energy supplier.
Earlier this year, he joined the board of Barratt Developments, the housebuilder.
Aggreko declined to comment.
© Sky News 2020