Water firm Severn Trent said today its chairman Andrew Duff is to step down after nine years at the helm.
The departure comes amid the company gearing up to implement its new business plan after being awarded fast track status by Britain’s water industry regulator Ofwat.
In January, a new corporate code came into effect implemented by the Financial Reporting Council (FRC), compelling publicly listed companies to reveal if a board chair has remained in post for more than nine years. Duff will stand for re-election at Severn Trent’s annual shareholder meeting in July, but the firm has already started looking for a successor.
Duff hopes to stay in the role until a new chairman is brought in.
Ofwat said earlier this year it had agreed bill reductions of between five per cent and 15 per cent with three of the country’s leading utility companies, including Severn Trent, which suppliers water across the Midlands region.
London listed Severn Trent’s shares were down 0.8 per cent today, valued at 1,987.5p.