However, despite Bowman’s claims, a number of companies are believed to be lining up possible bids for the power giant.
Bowman was unveiled as the replacement for Ian Russell last week after Russell was surprisingly axed by chairman Charles Miller Smith.
Russell was said to be planning to leave later this year when ScottishPower finally disposed of its US-based PacifiCorp business, but it is understood that Miller Smith, who had appointed a headhunter to replace him late last year, moved quickly to axe his chief executive after reports that Eon was considering a fresh bid.
The 53-year-old Australian is highly rated in the City and his appointment increased speculation that the Glasgow-based utility, which is Scotland’s third biggest company, is being readied for sale. Bowman is also a non-executive director of Scottish & Newcastle.
Bowman left Allied Domecq after selling it to Pernod Ricard for almost £7 billion in July.
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In a candid conversation with staff via a conference call, Bowman denied wanting to sell ScottishPower. “I am coming to grow the business. That’s what I do. I spent 6Å years out of seven at Allied Domecq growing the business,” he said.
Bowman admitted he knew little about the utility sector but said he had “transferable and leadership skills” and would work “bloody hard to get up to speed”.
Bowman will arrive in Scotland today to start work at ScottishPower tomorrow. He is said to be already searching for a house and will live north of the border.
One of Bowman’s first tasks could be to appoint new executive directors. After Russell’s departure and his cull of the executive team last September, just two executives remain — Judi Johansen of PacifiCorp, who will leave the board when the company is sold, and finance and strategy director Simon Lowth.
Russell has been seen as a lame duck chief executive after rejecting Eon’s 570p-a-share bid in November. The German utility had been stalking ScottishPower since September but walked away after Russell’s rejection.
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Since then, the share price has fallen and it was felt that the company would be hard pushed to get such a high price in any future bid.
Eon is barred from making another bid until May but has been suggesting recently that it would be interested when the time is up.
Analysts were divided on wether Bowman’s move made a sale more or less likely but one source suggested that taking the S&N role at virtually the same time meant he was not viewing the ScottishPower job as long term.
“It’s a get-out clause for him. Would he really have taken it knowing he was going to be doing both roles for a long time?” he said.
Russell’s strategy to build the company was left in tatters after he sold off most of the major acquisitions at a loss.
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He is believed to be walking away with a pay-off that could approach £5m.
Bowman, who has Scottish roots, is said to know the Scottish business scene from his time at Allied Domecq.