Severn Trent Appoints BT Openreach's Liv Garfield as CEO

By Razak Musah Baba

LONDON--Waste water treatment services provider Severn Trent PLC (SVT.LN) Monday announced the appointment of Liv Garfield as its next chief executive.

Ms. Garfield, who is currently CEO of BT Group PLC's (BT.A.LN) Openreach and also a non-executive director of Tesco PLC (TSCO.LN), will take up the role on the retirement of Tony Wray in spring 2014, the company said.

Ms. Garfield will receive a salary of 650,000 pounds ($1.05 million), with a further amount equivalent to 25% of her salary going into her pension, the company said.

She will also be entitled to a performance-related annual bonus of up to a maximum of 120% of her salary, with a long-term incentive of up to a maximum of 125% of her salary, Severn Trent added.

As a result of her resigning her role as CEO of Openreach she has forfeited deferred cash remuneration, the company added.

Earlier Monday, BT confirmed the resignation of Ms. Garfield, and said a successor will be announced in due course.

Severn Trent shares closed Friday at GBP18.30, valuing the company at GBP4.37 billion.

Write to Razak Musah Baba at [e-mail]; Twitter: @Raztweet

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