The British gas boss is fighting for his job: Iain Conn is fired after shares have reached a lowest point in 20 years

The boss of Centrica fights for his job if investors lose faith in his leadership.

Iain Conn has been the director of the British gas owner since 2015 – and is picking up £ 11.1 million along the way.

But the shares of the FTSE 100 group have been tolerated by 60 percent and are at the lowest level since 1999.

The position of the father-of-three is considered particularly vulnerable since the arrival of Charles Berry, who succeeded Rick Haythornthwaite as chairman in February.

Under fire: Iain Conn has been the chief official of the FTSE 100 giant since early 2015 and raises £ 11.2 million en route

Under fire: Iain Conn has been the chief official of the FTSE 100 giant since early 2015 and raises £ 11.2 million en route

A major institutional investor said: & # 39; With the new chairman in, the days of Iain Conn have been counted. & # 39;

And with Centrica & # 39; s valued dividend under threat, a city council told the Mail that major shareholders are questioning Conn's future.

The source said: & # 39; Shareholders have expressed the desire to see a change in management. I don't think people personally have any problems with Iain Conn, but there wouldn't be many people who would be disappointed if he went. & # 39;

Conn has also attracted the anger of private investors who have seen the value of their savings fall from 279p a share when he took it in 2015 to 109.05p at the end of yesterday's trading.

The slump has reduced the value of Centrica from £ 15.9 billion to £ 6.2 billion.

The opposition to the shareholders comes a week after it turned out that Conn, 56, experienced a 44 percent pay rise to £ 2.4 million in 2018.

The £ 740,000 increase covered a year when British Gas walked bills for millions of families and saw 742,000 customers leave.

The City source said: & # 39; The new chairman did not start until the beginning of the year and it is unlikely that he will change the chief executive immediately.

& # 39; But by the time we arrive in the middle of the year, he may have had a little more time to think about the company, talk to those shareholders, and understand the issues.

& # 39; Talking to a number of major shareholders, there are plenty of questions about Conn & # 39; s strategy.

& # 39; The core business is clearly difficult and Centrica wants to innovate in other areas to compensate for that. & # 39;

Those areas include connected home devices such as Hive, which allows customers to control their lights, heating and security cameras from their phones via the internet, and energy management for schools and hospitals that require on-site generators or solar panels.

Although investors may be more convinced of Centrica's movements in the energy management niche, they are raising red flags over the emphasis on connected homes. Some concerns Centrica can be outweighed by technical experts such as Google or Amazon.

Conn is also confronted with a backlash at the annual general meeting on 13 May. The Unison trade union, which represents approximately 5,000 employees of Centrica, gathers employees who hold shares in the company, as well as institutional investors such as pension funds, to vote against Conn & # 39; s vote. payment package.

Matt Lay, national energy agent at Unison, said: & # 39; Employees feel abandoned by Iain Conn. We do not believe that he has shown leadership in this matter.

& # 39; This man is rewarded for performance if the company shrinks. It is a reward for the failure of a boss who apparently has not identified a strategy to make up for the company. It is incredibly insensitive and destructive and is a bad example. & # 39;

However, Conn is deemed to have support from other shareholders. Glass Lewis Advisory Group, which speaks to about 30 percent of Centrica investors, publicly supported both his salary and his reappointment.

Centrica announced another 500 jobs this month – 400 of them in Glasgow – as part of the plan to save 2,000 jobs this year. It has lost 7,700 jobs since 2015.

Centrica refused to respond last night.