Sky News has learned that Centrica, valued at approximately £7.3bn, is collaborating with headhunters to find a successor to Scott Wheway. According to city sources, Lygon Group, the search firm, has been managing the process since earlier this year.

Mr. Wheway, who became chairman of Centrica in 2020 after replacing Charles Berry, has been on the company’s board since 2016. Under UK corporate governance rules, Mr. Wheway would no longer be deemed independent once he has served as a director for nine years in May 2025.

Centrica is considering both existing board members and external candidates to replace Mr. Wheway. Kevin O’Byrne, the former J Sainsbury finance chief, would be a logical contender, but as the senior independent director leading the search, it is unclear if he is being considered. Other board members include Amber Rudd, the former energy secretary and home secretary. The identities of external candidates approached by Lygon remain unclear.

Chairing Centrica is considered one of the premier roles in British boardrooms, with previous occupants including Sir Roger Carr, who went on to chair BAE Systems, and Rick Haythornthwaite, now chairman of NatWest Group. As chairman, Mr. Wheway has guided Centrica through the energy industry crisis exacerbated by Vladimir Putin’s invasion of Ukraine over two years ago. This crisis caused the collapse of dozens of smaller suppliers, prompting reforms to Ofgem’s regulatory approach.

In February, British Gas’s parent company reported an over 80% surge in provisions for bad debts, highlighting the ongoing impact of the cost-of-living crisis even as wholesale energy prices have softened. The company, which made an operating profit of £2.8bn last year, also owns the plumbing specialist Dyno and Ireland’s Bord Gáis Energy.

One key issue for Mr. Wheway’s successor will likely be the pay package awarded to Chris O’Shea, Centrica’s chief executive. Mr. O’Shea, who has previously said there was “no point” seeking to justify his remuneration, was paid over £8m last year. The new Labour government is expected to scrutinize the compensation of leading British companies while aiming to govern as a pro-business administration.

Shares in Centrica closed on Friday at 137.75p, giving the company a market capitalization of £7.32bn. The stock has risen by more than 11% over the past year.

Centrica declined to comment this weekend.