Energy drink

12 Jan 2006

At least that’s how Philip Bowman s surprise appointment to the UK utility looks. What other expertise does Allied Domecq s exCEO bring? Bowman got a rattling auction going for the UK drinks firm in a consolidating market. Scottish Power is in a very similar position.

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Scottish Power, which last year received an £11bn takeover from Germany's E.on, abruptly changed its chief executive, hiring former exdrinks company boss Philip Bowman to head the UK utility.

Bowman, 53, last year steered Allied Domecq through a £7.4bn take over by France's Pernod Ricard. He will takeover from Scottish Power's current chief executive, Ian Russell, on January 16. Russell had not been expected to step down.

Bowman has extensive experience at the helm of major public companies and a consistent track record of building value for shareholders, Scottish Power chairman Charles Miller Smith said in a statement. He will bring a fresh perspective.

Scottish Power has attracted bid interest since agreeing to sell US unit Pacificorp for $5.1bn last year. In September it unveiled a costcutting restructuring plan, including a firing of two directors from the board, which many saw as part of its defence. Later, in November, E.on walked away from talks after Scottish Power rejected its offer of 570p per share.

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