Britain’s fourth-largest home energy supplier has poached a senior executive from digital bank Monzo, as it explores options that could lead to a change in ownership.
Sky News has learned that OVO has appointed James Davies, who has worked for companies including William Hill and Purplebricks, the online estate agent, to become the company’s new chief financial officer.
Mr. Davies’ appointment was announced to OVO staff on Thursday, according to an insider.
This marks the latest phase of a leadership shake-up at the company, which has seen former J Sainsbury’s boss Justin King take over as chairman and former Just Eat chief executive David Patrice become chief executive of the company.
Vincent Casey, Davies’ predecessor, will become an advisor to the OVO Group board.
OVO and some of its shareholders began a strategic review in the summer to consider options for the company.
It has around four million residential customers, putting it behind companies such as British gas company Centrica and Octopus Energy.
In recent months, it has diversified its offerings to customers by launching an electric vehicle product called Charge Anytime and acquiring an on-street vehicle charging company called BonnetA.
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OVO was launched by Stephen Fitzpatrick 15 years ago in a bid to challenge dominant players in the industry, and has attracted investment from big backers such as Japan’s Mitsubishi.
Key to OVO’s valuation will be the growth of its technology platform, Kaluza, which was created to license its software to other energy suppliers, providing customers with smart electric vehicle charging and heat pumps.
OVO announced this year that AGL Energy, one of Australia’s largest energy suppliers, had purchased a 20% stake in Kaluza at a valuation of $500 million.
The company declined to comment.