TIDM66EW
RNS Number : 7159W
Thames Water Utilities Finance PLC
14 December 2023
Chris Weston to be appointed Thames Water Chief Executive
Officer
Thames Water Utilities Finance plc announces the appointment of
Chris Weston as Chief Executive Officer of Thames Water Utilities
Limited ("Thames Water" or the "Company") with effect from 8
January 2024.
Chris Weston was formerly CEO of FTSE 250 Aggreko plc for seven
years, a multi-national business operating in 45 countries.
Previously he was at Centrica, where his last role was Managing
Director of International Downstream and he was also a member of
both the Board and the Executive Committee. Prior to this, he held
a number of roles in the Australian and UK telecoms sector in
One.Tel and Cable and Wireless. He served in HM Armed Forces in the
Royal Artillery and holds a PhD and MBA from Imperial College,
London. He was a non-executive director of the Royal Navy between
2017 and 2023 and has been a non-executive director of Barratt
Developments Plc since 2021.
Sir Adrian Montague, Chairman, Thames Water, said: "I am
delighted that Chris will be joining the business. He has a proven
track record working in regulated environments, turning round
business performance and improving customer experience. He brings
strong operational and strategic expertise as we enter this crucial
period of delivering our refocused turnaround plan and providing
the service that customers rightly expect of us.
"I would also like to express my gratitude to Cathryn Ross and
Alastair Cochran for their hard work and the progress they have
made over the last few months whilst leading Thames Water as
Interim Co-CEOs."
Chris Weston commented: "I am looking forward to joining Thames
Water at this crucial time for the business and the wider water
sector. Working with the team I will be focused on delivering the
turnaround that the business has outlined and improving performance
over the next few years. I recognise that this business is critical
to both society and the UK and how important it is that we restore
confidence in our operations and financial position.
"I would like to add my thanks to Cathryn and Alastair for the
continuity they have provided and progress made whilst undertaking
the roles of Co-Chief Executives"
The appointment follows a rigorous selection process overseen by
Sir Adrian Montague and the Thames Water Board.
Chris Weston biography
Chris joined Aggreko plc in January 2015 as Chief Executive
Officer. The business operated from over 190 service centres with
offices in more than 45 countries. He overhauled the company
structure, invested in technology and systems, led the energy
transition strategy and improved the balance sheet. In 2021 Aggreko
was bought by TDR Capital and I Squared and Chris left the business
at the end of 2021.
Prior to this, he joined Centrica in 2001 where he spent 13
years in a number of leadership roles. His first role was leading
British Gas Business, responsible for the provision of electricity
and gas to corporate and SME customers. The strategy he implemented
transformed the business and its culture, increased market share,
financial performance and customer satisfaction, culminating in BGB
being recognised in the FT Great Places to Work. In 2005 he moved
to lead British Gas Services, a consumer business providing home
services and led its turnaround, increasing the customer base,
significantly improving profitability and transforming the
culture.
In 2009, Chris then moved to lead Direct Energy, Centrica's
North American business and also joined the Centrica main board. In
2013 Direct Energy was combined with British Gas to create a new
division, International Downstream where he led a team of 35,000
people. He set the strategic priorities around growth, service
excellence and innovation.
Before working at Centrica, Chris led One.Tel from 1999 to 2001
as Managing Director for UK and Europe and successfully sold the
business to Centrica. He joined Cable & Wireless in 1991 while
also undertaking a PhD at Imperial College. During his tenure he
worked in a number of roles responsible for strategy, regulation
and corporate finance in the UK and Australia, and leading work on
the turnaround of C&W Optus, resulting in the reduction of
costs while maintaining revenue growth.
He served with HM Armed Forces in the Royal Artillery from
1983-1989, graduating with a BSc in applied science from the Royal
Military College of Science, Shrivenham. He is married with four
children and is a keen fisherman.
Remuneration arrangements
Chris Weston will receive an annual salary of GBP850,000,
pension allowance of 12% of salary, which is aligned to the pension
allowance for the workforce, and car allowance of GBP15,000 pa.
Chris 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 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
Investors and analysts
Head of Investor Relations:
Sarah Davies
debt.investorrelations@thameswater.co.uk
Media
Head of Media Relations
Suvra Jans
suvra.jans@thameswater.co.uk
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END
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