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Thames Water has appointed Chris Weston, former head of power supplier Aggreko, as its chief executive amid financial scrutiny as the UK’s largest water utility.
Prior to joining Thames, Weston held positions at Centrica, including managing director of international downstream and board member. With a background in the army, he also holds advanced degrees in business administration from Imperial College London. He takes over from interim co-CEOs Cathryn Ross and Alastair Cochran.
Recently, Thames announced a three-year turnaround plan, coinciding with a 54% drop in pre-tax profit to £246mn for the six months ending September 30.
The company plans to raise £2.5bn in equity from shareholders, in addition to £750mn already committed. The approval of bill increases by the regulator, Ofwat, will determine the equity raise.
Thames faces over £1bn in debt repayments by 2024, including a £190mn facility maturing in its parent company Kemble Water in April. Amid these challenges, Weston is committed to improving the company’s performance and delivering the outlined turnaround.
Following the departure of former CEO Sarah Bentley after a boardroom dispute, the government discussed the potential nationalization of Thames Water, which serves around 25% of the English population.
Thames chair Sir Adrian Montague expressed confidence in Weston’s ability to lead the company through a crucial period of delivering their refocused turnaround plan and meeting customers’ expectations.