Thames Water Utilities Finance plc has announced the appointment of Chris Weston as Chief Executive Officer of Thames Water with effect from 8 January 2024.
Chris Weston was formerly CEO of FTSE 250 Aggreko plc for seven years, a multi-national business operating in 45 countries. Previously he was at Centrica, where his last role was Managing Director of International Downstream - he was also a member of both the Centrica Board and the Executive Committee.
Prior to this, he held a number of roles in the Australian and UK telecoms sector in One.Tel and Cable and Wireless. He served in HM Armed Forces in the Royal Artillery and holds a PhD and MBA from Imperial College, London. He was a non-executive director of the Royal Navy between 2017 and 2023 and has been a non-executive director of Barratt Developments Plc since 2021.
Sir Adrian Montague, Chairman, Thames Water, said:
"I am delighted that Chris will be joining the business. He has a proven track record working in regulated environments, turning round business performance and improving customer experience. He brings strong operational and strategic expertise as we enter this crucial period of delivering our refocused turnaround plan and providing the service that customers rightly expect of us.
“I would also like to express my gratitude to Cathryn Ross and Alastair Cochran for their hard work and the progress they have made over the last few months whilst leading Thames Water as Interim Co-CEOs."
Chris Weston commented:
“I am looking forward to joining Thames Water at this crucial time for the business and the wider water sector. Working with the team I will be focused on delivering the turnaround that the business has outlined and improving performance over the next few years. I recognise that this business is critical to both society and the UK and how important it is that we restore confidence in our operations and financial position.
“I would like to add my thanks to Cathryn and Alastair for the continuity they have provided and progress made whilst undertaking the roles of Co-Chief Executives”
The appointment follows a rigorous selection process overseen by Sir Adrian Montague and the Thames Water Board.
Chris Weston will receive an annual salary of £850,000, pension allowance of 12% of salary, which is aligned to the pension allowance for the workforce, and car allowance of £15,000 pa.
He will also be eligible to participate in the company’s existing Performance-Related Pay Plan with an on-target performance paying out at 156% of salary. The Performance-Related Pay Plan contains a base award payable at the end of the performance year, and a deferred award payable after two years.
The Performance-Related Pay Plan has been designed to meet Ofwat’s requirements on executive related pay and contains performance measures directly aligned to customer, environment and financial resilience. The deferred element is directly linked to delivery of the turnaround plan.
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