Bulb boss Hayden Wood to step down from collapsed energy firm

The boss and co-founder of collapsed energy firm Bulb will leave at the end of July, the company said.

Bulb went bust late last year when wholesale gas prices soared. It is being run by the government through regulator Ofgem until a buyer is found.

Hayden Wood was in place temporarily "to ensure a smooth handover and sales process," the government told the BBC in April. The firm has not yet sold.

Mr Wood had come under fire from MPs for staying on with a £250,000 salary.

The collapse of Bulb was expected to cost the taxpayer £3bn, the Business, Energy and Industrial Strategy Committee was told in April.

This is the biggest state bailout since the Royal Bank of Scotland collapse during the 2008 financial crisis.

• Rescue of Bulb set to cost taxpayers billions more

Bulb said on Thursday Mr Wood was "stepping back from the business. We wish him all the best for the future."

Mr Wood had previously defended remaining in his role after the collapse, telling MPs he was asked to stayed on to help minimise disruption to customers.

The firm, which has 1.6 million customers, was among 29 energy suppliers which went under after massive hikes in wholesale gas prices.

When Bulb collapsed, the Treasury set aside £1.7bn to buy the gas its customers needed until the end of the tax year in April 2022.

It was hoped by that time the business would be sold but so far no buyer has been found. There are reportedly several bidders in talks over buying the company.

The BBC has asked the Department for Business for a comment.