Bulb boss to step down at end of July 

Bulb was a high-profile casualty of soaring gas and electricity commodity prices when it collapsed in November 2021.

It had not hedged or pre-purchased enough energy in advance before prices rose sharply last autumn, and so it was unable to buy energy cheaply enough at the rates it was allowed to charge under the government’s price cap.

It was placed into “special administration” and received a taxpayer loan of initially £1.7bn, to support its 1.6 million customers.

Wood remained in place during this period as he assisted special administrators firm Teneo in finding a buyer. 

The Times reported he was criticised for receiving an annual salary of £250,000 – funded by the taxpayer.  

Bulb said: “Bulb’s chief executive and co-founder, Hayden Wood, is stepping back from the business. We wish him all the best for the future.” Wood, will not be replaced and the role will be split.

Bulb collapsed because it had not hedged or pre-purchased enough energy in advance before prices rose sharply last autumn. That left it unable to buy energy cheaply enough at the rates it was allowed to charge under the government’s price cap.