Dŵr Cymru Welsh Water has announced that Peter Perry, currently Managing Director at Welsh Water, will take over as Chief Executive from 1st April 2020 when current Chief Chris Jones retires at the end of March 2020.

Chris Jones, a co-founder of the Glas Cymru not-for-profit ownership model, has served as a director of Welsh Water for nearly 25 years.

In 2000, together with Nigel Annett, he established Glas Cymru as a unique “not-for-profit” company with the sole purpose of acquiring Welsh Water. The following year Glas successfully acquired Welsh Water from Western Power Distribution after raising £1.9 billion in long-term bonds – at the time the largest-ever sterling bond issue.

Glas’ not-for-profit ownership model is unique in the water sector, any financial surplus being applied to benefit customers, in particular to invest in services and provide financial support for those who are struggling to pay their water bill.

Chris Jones said:

“After a lot of thought, I have decided that it will be the right time for me to retire as Chief Executive at the end of this financial year to pursue other interests. Whilst such a decision is never easy, I think this will also be the right time for the business, coming at the start of the next five-year regulatory period and with strong succession plans in place.”

“I am proud of what we have achieved since Nigel Annett and I first launched our unique, not-for-profit company back in April 2000. We have created a clear corporate purpose and vision, with a strong and well-embedded culture of customer-led success. To date, customers have benefitted to the tune of around £450 million – money that in other companies would have gone to shareholders.”

Alastair Lyons, Chair of the Glas Board, commented:

“Few people can justifiably claim to have been instrumental in forging a unique business model and a culture that inspires those who work with, and are customers of the business. “

“We are equally extremely fortunate to have someone of Pete Perry’s experience and capability to succeed Chris when he retires next April. As Chief Operating Officer and latterly Managing Director Pete has worked alongside Chris whilst he was Chief Executive enabling a seamless transition to take place ahead of our beginning AMP7, the next phase of our journey to deliver our Welsh Water 2050 vision”

Pete Perry, who takes over as Chief Executive on 1 April 2020, having been Managing Director since 2017, Chief Operating Officer since 2013 and Operations Director since 2006. With a civil engineering background, he was formerly the Chief Operating Officer for United Utilities Operational Services (UUOS ). Speaking about his appointment, he said:

“With our unique ‘not for shareholder’ structure which creates a business ethos entirely focused on serving our customers and communities, we are well placed to face up to the big challenges of the future such as climate change and meeting the increasing expectations of our customers.”

Since becoming a not-for-profit company, Welsh Water has:

• Regularly been the most trusted water company in England and Wales by its customers (according to independent research by CCWater),
• Kept price increases below the rate of inflation in every year since 2010, with average bills today being lower in real terms than in 2001
• Reduced its carbon emissions by almost 80% since 2010
• Reduced leakage by a third since 2001
• Increased the number of customers receiving financial support with their bills to 120,000, more than any other water company
• Invested over £400m of financial surplus generated since 2001 to improve services, support financially vulnerable customers and keep bills lower than they otherwise would have been
• Maintained the highest credit rating of all UK utility companies

Welsh Water recently submitted its business plan for 2020-2025 to the regulator, Ofwat, which sets out to deliver, if approved, both a £2.3 billion investment programme and a bill that would fall by over £20 in real terms by 2025.