'Big Six' Centrica CFO Nick Luff Leaves to Join Reed Elsevier

'Big Six' Centrica has revealed that its chief financial officer Nick Luff will be leaving the company to take up the same post at scientific, technical and medical information products and services group Reed Elsevier.

In a statement, Centrica said Luff will be leaving the company, after eight years, on a date to be confirmed but, in any event, no later than 31 December 2014.

"Luff has made a significant and lasting contribution to Centrica's success over the last 7 years," said Sam Laidlaw, Centrica's Chief Executive.

"Personally, I will miss Luff's valuable input to my team and I would like to thank him for his ongoing support over the coming months. I know that I speak on behalf of everyone at Centrica in wishing him well in this next chapter of his career".

Centrica confirmed that a search for Luff's successor is currently underway and he will assist with an orderly transition.

Although Luff's remuneration arrangements relating to this year will be fully disclosed in the 2014 annual report and accounts, Centrica confirmed that he will be paid his base salary and benefits during his notice period.

"At the date of his departure, all unvested long-term incentive awards will lapse in accordance with the rules of the schemes," Centrica added in a statement.

Luff has been Centrica's CFO since 2007 and prior to this he was at P&O, the FTSE 100 logistics and shipping group.

While at P&O, he worked for 15 years in a variety of senior finance roles, including CFO of the parent company for seven years. He has a first class degree in mathematics from the University of Oxford and is a qualified UK Chartered Accountant.

Luff also serves as a Non-executive Director of Lloyds Banking Group. He served as a Non-Executive Director at QinetiQ Group, the defence, aerospace and security services company, until December 2010, and at Royal P&O Nedlloyd from 2003 to 2005.

"I am pleased to have Luff join the team. His many years of experience as Finance Director of a FTSE 30 company, combined with his involvement in dual UK/US and Netherlands-based listings, make him a great fit for Reed Elsevier," said Erik Engstrom, Reed Elsevier Chief Executive.

Luff will take over in 2014 from Duncan Palmer who announced his resignation in September 2013 and will leave the business when a hand-over has been completed.