Russell Lynch: Second cut was the deepest for Centrica boss Iain Conn

The rule of thumb in plcs is pretty simple. You can cut the dividend once. Cut it twice, and you’re a goner.

Centrica’s Iain Conn found that out today when he “agreed with the board” he should step down next year. New chairman Charles Berry duly wielded the knife and, as a former Scottish Power boss, will already be leafing through his contacts book for a successor.

Who would actually want the job, though? Leading the UK’s biggest energy supplier is a hiding to nothing.

From the days of Cedric the Pig parading outside the British Gas annual meeting 24 years ago, any boss has a bullseye on their heads. You’re at the mercy of energy markets, and when bills have to go up, you get slated by the public and politicians.

For Conn, Theresa May’s price cap, again outside his control, squashed profits. He couldn’t even catch a break from the weather after the mildest winter in years, while all the time upstart energy suppliers snapped away at the customer base.

Even taking costs out, such as Conn did in cutting thousands of staff, means the staff probably hate you too.

You might just get away with this if the share price was going gangbusters. But considering a near-80% fall since he took over, combined with some unwise bonus payments, arguably he’s lucky to have lasted as long as he did.

At least in slashing a barely covered dividend Conn has made things easier for the new boss. But would potential candidates, like Centrica consumer chief Sarwjit Sambhi for example, actually want the job?

If today’s bombed-out share price tempts a bidder, it could be a short-lived reign.