Severn Trent PLC ST Plc - Succession Plan to Appoint New Chairman (2096Y)
May 07 2019 - 5:08AM
UK Regulatory
TIDMSVT
RNS Number : 2096Y
Severn Trent PLC
07 May 2019
Severn Trent - Succession Plan to Appoint New Chairman
Severn Trent Plc today announces that Andrew Duff has informed
the Board of his intention to step down as Chairman and that the
Board has started the process to find a successor.
Andrew has been Chairman since 20 July 2010, following his
appointment to the Board on 10 May 2010.
Andrew said: "It is a real privilege to serve as Chairman of
Severn Trent and it has been a pleasure to oversee the Company's
progress over the last nine years. As we prepare to implement our
new business plan, following selection as one of only three
companies awarded Fast Track status by Ofwat, I believe this is the
right moment to step down and allow a new Chair to lead the Board
into this important next phase for Severn Trent."
The Nominations Committee, led by Senior Independent Director
Kevin Beeston, is overseeing the process ahead of making a formal
recommendation to the Board.
Kevin said: "Severn Trent has achieved a great deal for its
stakeholders under Andy's leadership, demonstrated by delivery of
strong shareholder returns, outperforming our peers and the
FTSE100, our upper quartile RoRE performance and the development of
our social purpose agenda, with Severn Trent being acknowledged as
a Pathfinder Company by the Purposeful Company Task Force. Through
this, Andy has strengthened Severn Trent's legacy for the benefit
of all of the stakeholders that we serve, culminating in our
business plan for the five years from 2020 being Fast Tracked by
Ofwat."
Liv Garfield, Chief Executive said "I'd like to say a massive
thank you to Andy for all his wise counsel and support over the
years we've worked together. It's been an absolute delight working
with him since I came in as CEO five years ago and I wish him well
with whatever he chooses to do next."
The Nominations Committee is in the initial stages of succession
planning. Any executive search firms involved must have signed up
to the voluntary Code of Conduct on gender and BAME diversity and
best practice.
Andrew will be standing for re-election at the Company's
forthcoming AGM on 17 July 2019 and, in order to facilitate an
effective succession plan, it is intended that he remains as
Chairman until the announcement and induction of his successor.
Enquiries
Investors & Analysts
Richard Eadie Severn Trent Plc +44 (0) 7889 806578
Head of Investor Relations
Rachel Martin Severn Trent Plc +44 (0) 7824 624011
Investor Relations Manager
Media
Press Office Severn Trent Plc +44 (0) 247 771 5640
Jonathan Sibun Tulchan +44 (0) 207 353 4200
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END
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