The boss and co-founder of the collapsed energy company Bulb will leave the company at the end of July, the company said.
Bulb went bust late last year as wholesale gas prices soared. It will be run by the government through regulator Ofgem pending a buyer.
Mr Wood had come under fire for carrying on on a £250,000 salary while the bailout cost taxpayers billions.
According to reports, there are several bidders to buy the company. Bulb said Mr Wood would “retire from the business”.
A spokesman added: “We wish him all the best in the future.”
Mr Wood had previously defended staying in his role after the collapse, telling MPs he had been asked to move on to help sell the company.
- Bailout of Bulb will cost taxpayers billions more
The company, which serves 1.6 million customers, was among 29 utilities that went under after massive hikes in wholesale gas prices.
When Bulb collapsed, the Treasury committed £1.7bn to buy the gas its customers needed until the end of the tax year in April 2022.
It was hoped that the business would be sold at this point, but no buyer has yet been found.
The Business, Energy and Industrial Strategy Committee has been told the Bulb collapse is expected to cost taxpayers £3billion.
This is the largest government bailout since the collapse of the Royal Bank of Scotland during the 2008 financial crisis.
The BBC has asked the Department for Business for an opinion.
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