Utility giant Centrica is recoiling after its energy trading arm Accord Energy lost five senior executives – a fifth of its entire workforce – in a matter of weeks.
The HR department at Accord Energy is now engaged in a major structural review to protect its long-term future.
Accord has been stung by resignations from Andrew Gardner, head of UK power trading; Thomas Macallan, head of UK gas trading; Jasvinder Badyal, head of weather and derivatives trading; Ralph Renner, head of continental power trading; and Stewart James, head of emissions trading.
Other senior figures are also rumoured to have left the firm, which only had 25 direct employees in the first place. “Centrica confirms a number of senior employees from its Accord trading team have resigned for the offer of other employment,” said a spokesman.
The immediate vacancies have been filled by promotions and reshuffles, and trading has continued as normal, according to Accord.
“We are now reviewing our trading operations to make sure that the appropriate resources are in place for the long term,” added a spokesman.
Accord buys and sells gas and electricity to ensure Centrica, which also owns British Gas, has the right amount of power at the right prices.
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