Thames Water has appointed Steve Buck as its new chief financial officer, stepping into the position after Alastair Cochran’s unexpected departure last month. This change comes as the UK water utility is working hard to stabilize its finances and avert the risk of renationalization.
Steve Buck, who has previous experience as a finance leader at Pennon Group and Anglian Water, will start his new role next Monday. His appointment coincides with Thames Water’s ongoing efforts, as the company, which serves about 16 million customers in London and is facing nearly £20 billion in debt, has selected private equity firm KKR as the preferred bidder to take over the utility.
Chris Weston, the chief executive of Thames Water, described Buck’s arrival as significant during this crucial time. He emphasized that Buck will be vital in guiding the company towards a more secure financial standing.
Buck, who previously worked at Thames Water from 2002 to 2007, will earn an annual salary of £500,000, with the potential for a bonus of up to 156% of that amount. In addition to his time at Thames Water, he also spent 11 years at Centrica, the parent company of British Gas, where he held multiple positions, including group head of finance and transformation.
In his first comments after the announcement, Buck stated, “I am committed to executing the company’s turnaround strategy and securing necessary funding to establish a solid financial foundation for the business.”
Thames Water is currently working to persuade its lenders to allow early access to a £3 billion emergency loan and aims to finalize an agreement for new funds by June, with a final decision expected by September, under the guidance of investment bank Rothschild.