Spanish energy giant Iberdrola yesterday announced that it had appointed Nick Horler as the chief executive of ScottishPower, which it acquired last year for £11.6bn.
A spokesman said 49-year-old Horler had been headhunted from E.ON, the German power giant, which had failed in an attempted takeover of ScottishPower in 2005.
Iberdrola was understood to be looking for a Scot to head Glasgow-based ScottishPower, but in the end it came up with an Englishman who is married to a Scotswoman. Horler began his new post at ScottishPower yesterday.
Horner, who was managing director of E.ON subsidiary Powergen Retail, replaces José Luis del Valle, who will be transferred to a more power ful role within the Bilbao-headquarted Iberdrola.
Del Valle will maintain his dual role as strategy and development director at Iberdrola and director of group operations for UK and US.
Iberdrola chairman and chief executive Ignacio Galán yesterday also announced the creation of a new ScottishPower executive committee of the board, including del Valle as vice-chairman.
In a prepared statement, Galán said. "I would like to thank José Luis for his success in leading the ScottishPower team through the model integration, as well as all those who work in the company for their contribution.
"ScottishPower has played a vital part in the Iberdrola group's success over the last 12 months and as the combined group continues to expand, this new executive structure will ensure ScottishPower remains at the very centre of our business."
Del Valle, who was parachuted into ScottishPower as its chief executive just days after Iberdrola completed the acquisition in April last year, is widely regarded as the right hand man of Galan.
He is also the man credited with originally identifying ScottishPower as a potential takeover target after the Glasgow-based utility rebuffed the advances of E.ON in 2005.
Del Valle led the negotiations to buy ScottishPower and has headed up what Iberdrola now regards as a "model integration that took only five months".
He is also responsible for pushing through the 4.2bn investment in ScottishPower under Iberdrola's three year strategic plan - a third more than its Spanish investment plan - announced at the Madrid Stock Exchange last year.
Del Valle also identified Energy East as a potential acquisition to increase its presence in the US as Iberdrola expands internationally.
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