Energy giant SSE names new chief executive on £1 million salary plus bonuses
“The board concluded that Martin was the outstanding candidate in a very competitive process”
SSE has promoted Martin Pibworth to chief executive after the Scottish energy giant concluded its search for a new boss.
Current chief executive Alistair Phillips-Davies announced his decision to retire from the FTSE-100 group in November and Pibworth will formally take over from him following SSE’s annual shareholder meeting on July 17.
Pibworth - who is also the current chairman of CBI Scotland - joined the Perth-headquartered group in 1998 and has progressively held a number of key commercial roles in the company over the last three decades, joining the executive committee in 2012 and the board in 2017. As chief commercial officer he has been overseeing SSE’s renewables, thermal, energy markets and energy “customer solutions” businesses.
In his new role he will receive a base salary of £970,000 per annum, rising to just over £1 million from the start of April 2026. He will participate in an annual incentive plan of a maximum of 175 per cent of base salary for the 2025/26 performance year, increasing to a maximum of 200 per cent of base salary for 2026/27.
There will be a long-term performance share plan award of 275 per cent of salary for the 2025 grant, increasing to 300 per cent of salary for the 2026 grant. Pibworth will be required to build up and maintain a shareholding of 300 per cent of salary under the remuneration policy.
He said: “I’m excited to be leading SSE as the company embarks on its next stage of evolution and growth. As an integrated electricity group focused on the energy transition, we are well-placed for long-term growth from our established positions in networks, renewables and flexibility. I look forward to continuing to work with governments, shareholders and other stakeholders on powering society’s needs whilst creating sustainable value as we electrify the economy.”
SSE said his appointment followed a “robust succession process”, led by chairman Sir John Manzoni and the nomination committee with the support of independent recruitment specialist Korn Ferry. The process considered a “strong field” featuring internal and external candidates.
Sir John said the firm’s new chief executive was a “proven industry leader, with deep sector experience and a highly strategic outlook”.
He added: “The board concluded that Martin was the outstanding candidate in a very competitive process and I look forward to supporting him as he leads SSE through the next phase of development and growth.
“Alistair has been an exceptional chief executive, leading the company’s transition into being the UK and Ireland’s clean energy champion, whilst delivering true and lasting value for all of our stakeholders. As well as his legacy at SSE, his support in ensuring a smooth handover of responsibilities continues to be greatly appreciated.”
Phillips-Davies has been one of the Footsie’s longest serving chief executives. SSE has continued to pump billions of pounds into the UK’s energy transition with major investments in wind and renewable energy projects across the country.
In November, the firm said adjusted operating profit rose 24.1 per cent to £860.2m over the six months to the end of September, compared with the same period a year earlier.
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