Hayden Wood is leaving Britain’s seventh largest energy supplier, which has about 1.5 million customers, as the government continues to look for a buyer to save Bulb. He remained with the company after joining the “special administration” – the biggest victim of the rapid energy crisis – in November last year. Bulb was criticized for keeping Wood, who co-founded one of the UK’s most famous start-ups in East London in 2015, as its 7 1.7 billion bailout was the biggest bailout of taxpayers in Royal Bank of Scotland and HBOS in 2008.. Wood had been criticized by lawmakers for continuing to receive 250 250,000 in taxpayer funding as he helped special managers from Teneo find a buyer. “Bulb CEO and co-founder Hayden Wood is leaving the company,” the company said in a statement. “We wish him all the best for the future.” According to the Financial Times, Wood is not expected to receive a dismissal package. When wholesale energy prices began to soar in early 2021, Bulb sought funding to support the business, followed by unsuccessful attempts to sell to a competitor in the industry. In November, the company told industry regulator it could no longer operate as an ongoing company, one of dozens of energy companies that collapsed due to rapidly rising energy prices. At a parliamentary hearing in April, Wood apologized to lawmakers for “developing things” with the company. Subscribe to the Business Email daily email or follow the Guardian Business on Twitter at @BusinessDesk Centrica, the owner of British Gas, withdrew from the process for a possible acquisition of Bulb last month. Competitors Octopus Energy and Masdar, an energy company from Abu Dhabi, remain the bidders. No Deputy Chief Executive Officer has been appointed. Wood’s roles will be distributed among the rest of the executive team. Bulb lost 6 886 million in the six months since nationalization, according to management reports released earlier this month. Dozens of creditors, many of them small businesses, owe 58 585 million and are unlikely to be paid.
