SSE and Innogy have appointed Martin Read as chairman designate of the new independent British energy supply and services outfit the two companies have agreed to form.

Read will take up the new position on 1 October and work with an unnamed external executive search company to lead on recruiting the board for the new business.

He will lead the board of the new company, working closely with chief executive designate Katie Bickerstaffe, chief financial officer designate Gordon Boyd and other appointed members of the executive committee.

Read was previously chair of the Low Carbon Contracts Company and Electricity Settlements Company. He will stand down from these positions on 30 September.

SSE and Innogy said formation of the new retail company “remains on course” to take place by the end of the first quarter of 2019.

The Competition and Markets Authority provisionally cleared the deal in August and is due to publish its final decision by 22 October, they added.