Drax Group’s Chief Financial Officer, Andy Skelton, has announced plans to retire from the company and corporate life next year. Skelton, who joined the power generation company in January 2019, will step down after a three-year tenure, during which he oversaw significant transitions within the business.
Skelton succeeded interim CFO Dan Jones and brought with him prior experience as CFO at Fidessa Group, a financial markets software developer. His appointment came at a pivotal time for Drax, which was shifting away from coal as part of the UK’s broader goal to phase out fossil fuels from the national energy grid.
Once the largest coal-fired power station in Western Europe, the Drax plant in North Yorkshire ceased coal operations in 2023, nearly 50 years after it began producing electricity. Today, Drax operates one of the world’s largest biomass power stations, supplying approximately 6% of the UK’s electricity demand.
However, Drax has faced growing criticism over its environmental impact. Green advocacy groups, including Greenpeace, have raised concerns about the company’s reliance on biomass, particularly its use of imported wood pellets—around 80% of which come from forests in the US and Canada. Despite receiving billions in subsidies to support its conversion to biomass energy, Drax is still viewed by critics as the UK’s largest single source of carbon emissions.
In a statement, Skelton said, “I am choosing to retire from corporate life to spend more time with my family and pursue other personal interests, knowing that we have laid a solid foundation for Drax’s future. I look forward to contributing through 2025, until my successor is appointed.”
Before joining Fidessa, Skelton had a career in finance at several notable companies, including Cambridge-based CSR, which was acquired by Qualcomm in 2015. He also held senior finance positions at Swedish telecoms giant Ericsson, including CFO of its Croatian subsidiary, Ericsson Nikola Tesla.
Drax recently reported strong performance, expecting its full-year core earnings to reach the top end of market forecasts, driven by high pellet production and biomass generation volumes. CEO Will Gardiner expressed regret over Skelton’s decision to retire, stating, “Andy has been instrumental in the growth and development of Drax, establishing a strong financial foundation and an experienced finance team. We wish him the very best for the future.”
Following the announcement, Drax Group’s shares saw a slight dip of 0.6%, closing at 654.5p on Wednesday morning. However, the company’s stock has seen a robust 48% rise over the past year.
Related topics: