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Thames Water appoints Steve Buck as new chief financial officer

(Alliance News) - Thames Water has appointed a former Pennon Group PLC and Anglian Water executive as its new finance boss after the previous chief quit abruptly last week.

Steve Buck will join next week at a "pivotal" moment for the heavily indebted water group as it searches for a buyer to help stabilise its finances.

Buck was formerly the CFO at Pennon, which owns South West Water, and at Anglian Water.

He has also held a number of senior finance roles at British Gas owner Centrica PLC, and previously worked for Thames Water between 2002 and 2007.

His new role will give him a GBP500,000 annual salary with the opportunity to earn a bonus of up to 156%, depending on whether performance targets are met.

Thames Water's previous CFO, Alastair Cochran, said he was stepping down on Friday, midway through its major restructuring plans.

The Reading-based utility company, which is England's biggest water firm with about 16 million customers, recently won court approval to take out as much as GBP3 billion more in loans.

The financing, on top of its GBP16 billion debt pile, was part of a deal designed to keep the firm running into 2026.

It is also searching for a buyer to help stabilise its finances, and earlier this week said it had chosen New York-based private equity firm Kohlberg Kravis Roberts, KKR, as its preferred bidder.

Thames Water is hoping to finalise terms of a possible deal with KKR in the second quarter, with aims to complete in the second half of the year.

Chris Weston, Thames Water chief executive, said: "I am delighted that Steve is joining Thames at a pivotal moment for the business.

"He will play a crucial role as we seek to place Thames on a more secure financial foundation, continue to implement our turnaround plan and focus on a full recapitalisation of the business."

Buck said he was "looking forward to returning" to the group, adding that he would be focusing on efforts to "put the business on a firmer financial platform".

By Anna Wise, PA Business Reporter

Press Association: Finance

source: PA

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