Severn Trent PLC ST Plc - Succession Plan to Appoint New Chairman (2096Y)

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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     [phone] 
 Head of Investor Relations 
 
 Rachel Martin                 Severn Trent Plc     [phone] 
 Investor Relations Manager 
 
 Media 
 Press Office                  Severn Trent Plc    [phone] 
 
 Jonathan Sibun                Tulchan             [phone] 
 

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May 07, 2019 05:08 ET (09:08 GMT)