Drax appoints Andy Skelton as new CFO
Drax appointed Andy Skelton to the role of chief financial officer on Thursday.
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Skelton will take over from previous fiscal guardian Will Gardiner, who was elevated to chief executive officer when long-time chief executive Dorothy Thompson retired last month.
Drax told investors that Skelton, who will join Drax from software and services firm Fidessa on 2 January, had previously held senior finance roles at semiconductor and telecoms outfits CSR, Ericsson and Marconi.
Interim CFO Den Jones will remain with the FTSE-250 resident until June as Drax, which owns the UK's largest coal and biomass power station, works its way through a £702m acquisition of Scottish Power's gas, pumped storage and hydro assets.
The 2.6-gigawatt portfolio is expected, based on recent power and commodity prices, to generate earnings before interest, tax, depreciation and amortisation in a range of £90m-£110m from gross profits of £155m to £175m.
Drax said it had agreed a fully underwritten £725m secured loan to finance the deal.
Drax chairman Phil Cox, said: "The directors are delighted to welcome Andy to the board of Drax. He brings a wealth of experience and skills, and will be a strong addition to the Drax team. I also extend the directors' thanks to Den Jones who has done an excellent job as Interim CFO."
As of 1230 BST, Drax shares had inched forward 0.40% to 405.20p.