Bulb’s boss to leave the company

In recent weeks, the administrators of the UK’s seventh biggest energy firm have launched a bidding process

Energy supplier Bulb has announced its boss will step down from his role by the of July, as the government races to secure an acquisition deal.

In recent weeks. the special administrator of the company has reportedly been in talks with potential bidders, including Octopus Energy and Masdar.

Earlier this week, the Business Secretary confirmed that the government wants to conclude a sale deal as soon as possible.

Bulb‘s Chief Executive Officer and Founder Hayden Wood had previously defended the decision to remain in his role after the collapse.

In April, addressing the Business, Energy and Industrial Strategy Committee,he said: “The reason I stayed on was that we wanted to support customers have a smooth transition into special administration – what I think we are doing within the company right now is to minimise costs for consumers, minimise costs for taxpayers and hopefully affect a sale of the company out of the special administration.”

Asked about his salary, Bulb’s boss also admitted that he continued to take home £250,000 a year.

A Bulb spokesperson told ELN: “Bulb’s Chief Executive Officer and Co-Founder, Hayden Wood is stepping back from the business.

“We wish him all the best for the future.”

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