British Gas Managing Director to step down?

Rumours rife that British Gas' Managing Director Phil Bentley is set to step down following tensions in the company.

It  has been widely reported that Phil Bentley will step down as Managing Director of British Gas.

Mr Bentley, who joined British Gas from its parent company Centrica five years ago, was widely credited with improving the company’s flagging customer services and IT systems.

The news comes as Centrica prepares to announce its new strategy, the first in over two years. Insiders have been forced to deny that Mr Bentley’s departure is due to disagreements about the future of the company, calling it a natural time for Mr Bentley to move on.

However a row was brewing over how much Mr Bentley’s could walk away with. Including his basic salary, which was estimated at£681,000 a year, he could also walk away with  £6.65m of share options, a £3.6m pension pot plus bonuses.

British Gas came under fire earlier this year for increasing its prices by 6% from November this year. The supplier has previously increased its prices  in December 2010 and August 2011 by 24.9%.

Despite citing rising wholesale costs as the reason for the price rises, Centrica is widely expected to announce profits of £1.4bn, with British Gas profits expected to reach £575m.

British Gas slipped from 3rd to 5th place in the uSwitch customer satisfaction awards 2012, however 65% of its customers said they were satisfied with the service they recieved.

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