Directorate Change

RNS Number : 2244T

Severn Trent PLC

18 November 2013

 



18 November 2013

Severn Trent Plc - Directorate change

Severn Trent announces appointment of Liv Garfield as CEO Designate

The Board of Severn Trent, the UK's leading provider of water and waste water announces today the appointment of Liv Garfield as the next Chief Executive. Liv is currently CEO of Openreach, part of BT Group and will take up the role on the retirement of Tony Wray in spring 2014.

Liv has been at BT since 2002 and has been CEO of Openreach since 2011.  During her time at BT she also held the positions of Group Director of Strategy and Regulation, MD Commercial & Brands and UK Customer Services Director, within BT's Global Services division.  Liv is also a non executive director of Tesco plc.

The Board confirms that there is no relevant information to disclose under Listing Rule 9.6.13R (2) to (6).

Andrew Duff, Chairman, said

We are delighted that Liv is joining us to be our next Chief Executive.  Liv brings experience of managing customer service delivery and complex organisations in a regulated environment.  We are all looking forward to working with Liv and warmly welcome her to Severn Trent.

It is a testimony to the quality of this company that we have been able to attract someone of Liv's capabilities.  This is in great part due to the outstanding job that Tony Wray has done during his time as CEO.  Tony will retire in spring 2014 and the board would like to take this opportunity to express their appreciation for the very significant contribution that he has made. 

Liv Garfield said

I am really looking forward to joining Severn Trent.  It is a leader in an industry going through significant change and has, at its heart, a commitment to serving its customers well.  I look forward to building on the achievements that Tony and his colleagues have accomplished over these past years and to ensuring that Severn Trent continues to go from strength to strength, whilst delivering for all of its stakeholders.

Enquiries:

David Shriver / Martha Walsh

Tulchan Communications

0207 353 4200

Notes to editors

Salary Package is as follows:

Base Pay

• Salary: £650,000

• Pension: 25% salary

Performance related Pay

• Annual Bonus: up to 120% salary (max)

• Long term Incentive: up to 125% salary (max)

As a result of Liv resigning her role as CEO of Openreach she has forfeited deferred cash remuneration.  To help meet part of this loss, Liv will be enrolled into a Severn Trent LTIP for vesting in 2014, 2015, 2016, subject to continued employment and performance conditions. The performance conditions and vesting dates are the same as the awards made to other senior executives in Long Term Incentive Plan over the same performance periods.

There is no non-performance-linked element of this joining package.

 

END

 

 

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