Hayden Wood continued his employment at a salary of £250,000 after the company received a taxpayer bailout.

Bulb CEO Hayden Wood is set to leave the company at the end of July, as the UK government seeks to sell the group that was bailed out by taxpayers. Wood remained at Bulb after being placed into special administration last year.

The UK's largest taxpayer bailout of a company since 2008, Bulb, has seen a controversial figure continue to receive a taxpayer-funded salary of £250,000. The figure was reportedly paid by special administrators from Teneo, who helped find a buyer for Bulb, Britain's seventh-biggest energy retailer, with around 1.5 million customers.

Bulb's CEO and co-founder, Hayden Wood, is set to step down at the end of July, according to an internal briefing. Wood will not receive a severance package, and the company wishes him the best for his future.

Former management consultant Wood and Barclays energy trader Amit Gudka co-founded Bulb in 2015 to challenge the "big six" energy retailers. Bulb grew rapidly, thanks to special offers and a single tariff that often undercuts the market. However, rivals criticized Bulb for lacking adequate hedging to survive sudden price fluctuations, highlighting the need for better hedging strategies.

Wholesale gas prices surged in 2021, leading Bulb to seek external funding and sell itself to rivals. In November, Bulb admitted to Ofgem that it could no longer continue as a going concern. The UK government is auctioning off the group, with Octopus Energy and Masdar as the only confirmed bidders. British Gas owner Centrica has withdrawn, leaving Octopus Energy and Abu Dhabi-based Masdar as the only confirmed bidders. Wood apologised to MPs for the situation.

No new CEO has been appointed, and Wood's roles will be shared among the remaining executive team. Bulb has experienced losses and costs for consumers since entering administration, with a £886mn loss in six months. Creditors, including small businesses, are owed £585mn and unlikely to be paid.

Sequoia, an infrastructure fund backed by Simple, is guaranteed to receive its original £55mn investment and has earned a £10mn dividend since November. Teneo, responsible for administration, is expected to receive millions, while Lazards is expected to receive £1.5mn.

30 UK energy supplies, including Bulb, have collapsed in the past year, causing criticism of Ofgem's oversight of the sector.