Drax appoints Andy Skelton as new CFO

25th Oct 2018 11:38

(Sharecast News) - Drax appointed Andy Skelton to the role of chief financial officer on Thursday.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.