Centrica's finance director Nick Luff has announced he is to leave the energy supplier to join publishers Reed Elsevier as chief financial officer (CFO) by the end of the year, once his successor has been recruited.

Luff, who has been with Centrica for seven years, was previously CFO at P&O where he held a number of senior financial roles after qualifying with KPMG.

Centrica CEO Sam Laidlaw said: 'I will miss Nick's valuable input to my team and I would like to thank him for his ongoing support over the coming months. I know that I speak on behalf of everyone at Centrica in wishing him well in this next chapter of his career.'

Centrica said Luff was leaving for a 'new challenge in a different industry. He will be paid his salary and benefits during his notice period and unvested share awards will lapse when he leaves.

Erik Engstrom, Reed Elsevier's chief executive, said: 'I am pleased to have Nick join the team. His many years of experience as finance director of a [top 30 FTSE 100] company, combined with his involvement in dual UK/US and Netherlands-based listings, make him a great fit for Reed Elsevier.'

Luff takes over at the business publishing firm from Duncan Palmer, who announced in September he was leaving Reed Elsevier to return to the US for family reasons. Both Centrica and Reed Elsevier said there would be handover periods between their new and old finance chiefs.