Marchant, 51, who spent more than a decade at the helm of Perth-based SSE (formerly known as Scottish and Southern Electricity), will be replaced by deputy chief executive Alistair Phillips-Davies.

An accountant by training, Marchant joined SSE’s predecessor company Southern Electric in 1992, and was promoted to the board as finance director when SSE was formed in 1998. He was appointed chief executive in 2002.

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