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National Grid CFO Bonfield steps down

Reuters - UK Focus

(Adds details, background)

May 4 (Reuters) - National Grid Chief Financial Officer Andrew Bonfield is stepping down to take up a position with a U.S. public company, the British power grid operator said on Friday.

Bonfield's move will help him be closer to his family, National Grid (LSE: NG.L - news) said, without identifying the U.S. company.

Andy Agg, currently group tax and treasury director, will hold the position on an interim basis while the board looks to identify a permanent successor, National Grid said.

Bonfield, who has been CFO since November 2010, will step down after National Grid's annual general meeting on July 30.

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He will receive his normal salary and associated benefits until his leaving date, including his annual bonus for 2017/18, National Grid said, adding that all outstanding awards as at July 30 will be forfeited.

Bonfield was previously CFO of Cadbury Plc and Bristol-Myers Squibb, and finance director at BG Group (EUREX: 1007667.EX - news) plc. He was also named to Reckitt Benckiser (Xetra: A0M1W6 - news) 's board in March. (Reporting by Arathy S Nair in Bengaluru Editing by Kevin Liffey)