British Gas boss gets £13m leaving package

The chief of British Gas, Phil Bentley, is set to leave the firm later this year, pocketing £13m in salary, bonus, pension pot and shares.

by Michael Northcott
Last Updated: 19 Aug 2013

Cue public outcry. The managing director of the utility firm, who has been in post since 2006, is to quit this year in the midst of a management overhaul. According to Daily Mail coverage on Tuesday, he will receive a ‘golden goodbye’ consisting of a year’s salary at £635,000, a bonus of almost £400k, a pension pot of about £3.6m and around £8.3m in shares.

As the Mail pointed out, this severance package will provide Bentley with enough money to pay the average family’s gas and lecky bill for 9,500 years. And given that energy prices have been increasing at above the rate inflation, many will find it distasteful (to put it lightly) that the senior figure who presided over those price rises should walk off with such an significant amount of money.

It is thought that Bentley’s departure is because of a spat with Sam Laidlaw, the chief executive of British Gas’ owner, Centrica, who has an eye firmly on ways to achieve growth in the face of gradually increasing regulation.

No doubt that means bigger bills for the 12m homes on British Gas’ roll then. Great.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Upcoming Events

Latest on MT

The reason women are less likely to get graduate jobs

The reason women are less likely to get graduate jobs

Despite the high priority employers give to diversity, the gender gap in graduate recruitment persists.

Why Philip Green's savaged reputation matters

Why Philip Green's savaged reputation matters

The retail tycoon is still rolling in wealth but his public image could be problematic - and what about that knighthood?

Only 'radical honesty' can rebuild trust in business, and save us from Green and Trump

Only 'radical honesty' can rebuild trust in business, and save us from Green and Trump

Philip Green and Donald Trump are harbingers of a post-trust future that can only be avoided by a progressive revolution in business leadership.

'Don't be governed by risk' - Pitcher & Piano founder Crispin Tweddell's start-up cocktail

'Don't be governed by risk' - Pitcher & Piano founder Crispin Tweddell's start-up cocktail

The entrepreneur-turned-investor shares his recipe for success - know your customer and be ready to take a chance.

How Mike Ashley can fix Sports Direct's reputation

How Mike Ashley can fix Sports Direct's reputation

His company's name has been well and truly sullied, but Mike Ashley still has the chance to reform it, through transparency.

Get ready for the 'Lego' organization

Get ready for the 'Lego' organization

In a rapidly changing world, businesses will become amalgams of building blocks that come together for specific purposes.