Thames Water Ltd.’s chief executive office Sarah Bentley announced she would leave the UK’s biggest water company with immediate effect.
(Bloomberg) — Thames Water Ltd.’s chief executive office Sarah Bentley announced she would leave the UK’s biggest water company with immediate effect.
Alastair Cochran, chief financial officer and Cathryn Ross, strategy and regulatory affairs director will run operations on an interim basis, Thames Water said in a statement. The utility, which covers London, has been under scrutiny for dumping sewage into the sea and waterways. The backlash led to Bentley giving up her bonus for last year but her package is still worth £1.5 million ($1.9 million), company filings show.
Under Bentley, the company received a two star rating out of four for its environmental performance from Ofwat. The water regulator identified Thames Water as one of the worst-offending companies in the UK alongside Southern Water, and it was forced to return more than £50 million of customer money last November.
Public anger toward Britain’s privatized water companies has grown due to frequent sewage overflows into rivers and the sea. At the same time, millions of residents have also had their water use curtailed by hosepipe bans while companies also battle with leaks. The regulator and the companies both try to shift the blame but a lack of investment is seen by many as the overriding failing.
Water companies are preparing business plans to present to Ofwat in October for the 2025-2030 period outlining planned investments in infrastructure. The plans however could result in bill increases for customers.
Thames Water, owned by Kemble Water Holdings Ltd, is the country’s largest water company serving 15 million customers in London and the Thames Valley.
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