Britain’s fourth-biggest family vitality provider has poached a senior government from Monzo, the digital financial institution, because it explores choices that might result in a change of possession.
Mr Davies’s appointment was introduced to OVO employees on Thursday, based on an insider.
It marks the most recent part of a management shake-up on the firm, which has seen former J Sainsbury boss Justin King take over as chairman and former Simply Eat chief government David Buttress develop into its CEO.
Vincent Casey, Mr Davies’s predecessor, will develop into an advisor to OVO Group’s board.
OVO and a few of its shareholders kicked off a strategic evaluation in the summertime to think about choices for the corporate.
It has about 4 million family prospects, positioning it behind the likes of British Gasoline proprietor Centrica and Octopus Power.
In latest months it has diversified its supply to prospects by launching an electrical automobile product known as Cost Anytime and the acquisition of an on-street automobile charging enterprise known as BonnetA.
OVO was launched by Stephen Fitzpatrick 15 years in the past in a bid to problem the trade’s dominant gamers, and has attracted funding from blue-chip backers corresponding to Japan’s Mitsubishi.
Key to OVO’s valuation would be the development of its expertise platform, Kaluza, which was set as much as license its software program to different vitality suppliers, and offers prospects with good electrical automobile charging and warmth pumps.
OVO introduced this yr that AGL Power, one in all Australia’s largest vitality suppliers, had purchased a 20% stake in Kaluza at a $500m valuation.
The corporate declined to remark.
