Thames Water Utilities Limited

Board/Management Information • May 20, 2021

National Storage Mechanism | Additional information

RNS Number : 2083Z

Thames Water Utilities Limited

20 May 2021

Thames Water appoints new Chief Financial Officer

Alastair Cochran will join Thames Water as its new Chief Financial Officer following Brandon Rennet's decision to leave the business. Alastair will join the Thames Water Utilities Limited Board and Executive team on 6 September 2021.

He is a seasoned finance professional with 30 years' experience, having worked as the CFO at Petrofac, in a number of finance and commercial leadership roles at BG Group, and as a senior investment banker at Morgan Stanley advising a broad range of clients in the utilities and natural resources sectors. Alastair spent his early career at KPMG, where he trained as a chartered accountant.

His appointment follows the recent recruitment of Francis Paonessa as Capital Delivery Director, Warren Buckley as Retail Director and Cathryn Ross into a newly-created Strategy and Regulatory Affairs Director position.

Alastair's arrival adds to an already highly experienced and innovative team that will deliver brilliant customer service, transform performance, and generate public value.

Sarah Bentley, Thames Water CEO, said: "I'd like to thank Brandon for leading the company through a period of significant change, where he built and led a team that has driven an efficiency agenda; developed strong relationships with our investor base and tackled a broad range of commercial challenges. He did all of this with calm authority and played a vital role in helping navigate the company through a challenging period. We wish him the very best for the future.

"We're delighted Alastair has agreed to join us from Petrofac, a leading international service provider for the energy industry. As a member of its Board and Executive committee, he was responsible for the development, implementation and delivery of Petrofac's strategy and business plan.

"He also led many aspects of the company's change agenda, including the sustainability, digital and finance transformation programmes. He will now play a crucial role in helping us transform the service Thames Water provides to its customers, communities and the environment."

Alastair Cochran said: "I am very excited to be joining Thames Water, which provides such an essential service to millions of customers across London and the Thames Valley. I look forward to working with my new colleagues to address the performance challenges today and help turn this important business around so we can provide the best possible service and value to our customers long into the future."

Brandon Rennet joined Thames Water four years ago and will stay with the company until the end of September.

ENDS

About Thames Water 

Thames Water is the UK's biggest water and wastewater services provider. Our key workers provide essential services around the clock to 15 million customers across London, the Thames Valley and surrounding areas.  

For an average of just over £1 a day for our households, we provide 2.6 billion litres of drinking water and safely remove 4.6 billion litres of wastewater every day.  

We invested more than £1 billion again in 2019/20, leading to a total of £16 billion in the past 16 years, and we will continue to spend wisely on improving resilience, service and efficiency, as well as provide more support for customers in vulnerable circumstances.   

We also have additional responsibilities to society and the natural environment. What we do and how we do it delivers significant public value, which is why we have ambitious plans to self-generate more of our own power, reduce our carbon emissions and increase biodiversity across our sites.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

BOAGPUMCAUPGGMB