Organisational and directorate changes

RNS Number : 6622P

Severn Trent PLC

04 September 2017

 

Severn Trent announces organisational and directorate changes

Severn Trent today announces organisational changes to its Wholesale business to drive further improved performance this AMP¹ and position it for success in the next regulatory period.

In advance of PR19² the company is reshaping the Wholesale business to create three teams: Customer Delivery, Capital Delivery and Commercial, and Production. The Customer Delivery team will be led by Sarah Bentley, Chief Customer Officer, and will be focused on further improving customer experience. The Capital Delivery and Commercial team will be led by Helen Miles, Chief Commercial Officer and will be focused on optimal delivery of asset construction schemes and driving further efficiencies in the supply chain. The Production team will be focused on driving higher quality water production and waste water treatment and we will be starting an internal and external search for a candidate to head this team.

Severn Trent's non-regulated business will continue to be led by Andy Smith, Managing Director, Business Services and will be expanded to include a new dedicated bio-resources business.

The changes will position the company to drive upper-quartile performance across Water, Waste and Retail in the regulated business, and will allow Severn Trent to take advantage of the opportunities afforded by competition in the bio-resources market from AMP7 in the non-regulated business.

The reorganisation has resulted in changes to the role of the Managing Director, Wholesale Operations, Emma FitzGerald. As a consequence, following the transition of her responsibilities, Emma will step down from the Board in December 2017 and will leave the company in the Summer of 2018.  During this time she will continue to report directly to Liv Garfield, CEO, and focus on developing the company's capability to manage and integrate disruptive technological innovation.

Having delivered strong performance, including sector-leading customer ODIs³, in the first two years of AMP6⁴ the company remains pleased with current performance. The changes announced today will allow Severn Trent to deliver more efficiencies over the course of this AMP and meet the challenges and opportunities of AMP7⁵.

Liv Garfield, Chief Executive, Severn Trent Plc, said:

"In the first two years of this regulatory period we have created a robust track record on a range of measures which benefit all our stakeholders and we are pleased with current performance. I am confident the changes we are announcing today will further enhance Severn Trent's ability to deliver strong results this AMP, underpinning our ambitions for  upper-quartile performance, and are aligned with our objective to drive further improvements in AMP7 and for the longer term.

On behalf of the Board, I would like to say thank you to Emma for her leadership of the Wholesale business and the key role she has played in helping us achieve our successes during the first half of the AMP. I am delighted that she will be staying with the company for some time yet, before she embarks on the next stage of her career."

Notes:

1.     AMP = Asset Management Plan

2.     PR19 = Price Review 19 for the regulatory period 2020 to 2025

3.     ODIs = Outcome Delivery Incentives

4.     AMP6 = Asset Management Plan for the regulatory period 2015 to 2020

5.     AMP7 = Asset Management Plan for the regulatory period 2020 to 2025

Enquiries
Investors & Analysts
Ruban Chandran	Severn Trent Plc	[phone]
Head of Investor Relations
Richard Tunnicliffe	Severn Trent Plc	[phone]
Investor Relations Manager
Media
Jonathan Sibun	Tulchan Communications	[phone]
Press Office	Severn Trent Plc	[phone]

Cautionary statement regarding forward-looking statements

This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to Severn Trent's financial condition, results of operations and business and certain of Severn Trent's plans and objectives with respect to these items.

Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal', 'estimates' or words with a similar meaning, and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this document are based on Severn Trent's current expectations and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.

Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many of which are beyond Severn Trent's control that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Principal Risks disclosed in our latest Annual Report and Accounts (which have not been updated since the date of its publication); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.

All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Severn Trent or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. This document speaks as at the date of publication.  Save as required by applicable laws and regulations, Severn Trent does not intend to update any forward-looking statements and does not undertake any obligation to do so.  Past performance of securities of Severn Trent Plc cannot be relied upon as a guide to the future performance of securities of Severn Trent Plc.

Nothing in this document should be regarded as a profits forecast.

This document is not an offer to sell, exchange or transfer any securities of Severn Trent Plc or any of its subsidiaries and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act of 1933 (as amended).

 

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