REG - Thames Wtr Util. Ltd - Thames Water appoints new Chief Financial Officer

PennonAnnouncement

02/04/2025 13:15

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RNS Number : 3607D  Thames Water Utilities Limited  02 April 2025

Thames Water Utilities Limited

2 April 2025

 

Thames Water appoints new Chief Financial Officer

Thames Water Utilities Limited ("Thames Water" or the "Company") announces the
appointment of Steve Buck as Chief Financial Officer of Thames Water with
effect from 7 April 2025.

Steve Buck was formerly CFO at Pennon Group and Anglian Water respectively.
Prior to this he was at Centrica for 11 years where he held a number of senior
roles including as Group Head of Finance and Transformation and Finance
Director of British Gas. He has also previously worked for Thames Water
between 2002- 2007. He is a Chartered Management Accountant.

He has a proven track record working in capital intensive and regulated
industries; and has demonstrated success in modernising finance functions,
leading M&A activities and managing capital markets.

Chris Weston, CEO, Thames Water said: "I am delighted that Steve is joining
Thames at a pivotal moment for the business.  He will play a crucial role as
we seek to place Thames on a more secure financial foundation, continue to
implement our turnaround plan and focus on a full recapitalisation of the
business."

Steve Buck commented: "I am looking forward to returning to Thames Water.
Working with the team I will be focused on delivering the company's turnaround
plan, and deliver the recapitalisation of the business, in order to put the
business on a firmer financial platform so that we can improve performance and
ensure we meet the expectations of our customers, colleagues and wider
stakeholders."

The appointment follows a selection process overseen by the Thames Water
Board.

Remuneration arrangements

Steve Buck will receive an annual salary of £500,000, pension allowance of
12% of salary, which is aligned to the pension allowance for the workforce,
and car allowance of £12,500 pa.

He will be eligible to participate in the company's existing
Performance-Related Pay Plan with an on-target performance paying out at 156%
of salary. The Performance-Related Pay Plan contains a base award payable at
the end of the performance year, and a deferred award payable after two years.

 

The Performance-Related Pay Plan has been designed to meet Ofwat's current
requirements on executive related pay and contains performance measures
directly aligned to customer, environment and financial resilience. The
deferred element is directly linked to delivery of the turnaround plan.

 

These remuneration arrangements are consistent with the company's Executive
Director Remuneration Policy and in line with standard company terms and
conditions.

 

For further information

Investor enquiries

Edwin Lloyd - Head of Investor Relations
debt.investorrelations@thameswater.co.uk
(mailto:debt.investorrelations@thameswater.co.uk)

Media enquiries

Suvra Jans - Head of Media Relations
07747 640810

Suvra.jans@thameswater.co.uk (mailto:Suvra.jans@thameswater.co.uk)

 

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