Bulb’s co-founder and boss will be leaving at the end July, according to the company.
Late last year, Bulb was bankrupted due to rising wholesale gas prices. The government is running it through regulator Ofgem, until a buyer can be found.
According to the government, Hayden Wood was temporarily in place “to ensure smooth handover and sale process,” according to the BBC in April. However, the firm has yet to sell.
Mr Wood was criticized by MPs for keeping a PS250,000 salary.
According to the Business, Energy and Industrial Strategy Committee, Bulb’s collapse was expected cost taxpayers PS3bn. This was according to April.
This bailout is the largest since the collapse of the Royal Bank of Scotland during the 2008 financial crisis.
Bulb stated that Mr Wood had “stepped back” from the business on Thursday. We wish him the best for the future.
Wood previously stated that he had defended his position after the collapse and told MPs that he was asked to stay on to minimize disruption to customers.
After massive increases in wholesale gas prices, the firm with 1.6 million customers went bankrupt.
Bulb’s collapse caused the Treasury to set aside PS1.7bn for customers until April 2022, when the tax year ended.
The business was expected to be sold by then, but no buyer has been identified. According to reports, there are several potential buyers for the company.
BBC has reached out to the Department for Business for comment.
