Severn Trent Plc Executive Succession Planning

RNS Number : 9641B

Severn Trent PLC

10 April 2013

 



10 April 2013

Severn Trent Plc Executive Succession Planning

The Board of Severn Trent plc announces today that the CEO Tony Wray, has informed the Board of his intention to retire from Severn Trent in Spring 2014.  Tony will have been with Severn Trent for 9 years, 7 of which as CEO.  This announcement is being made now in order to ensure that the Board has the necessary time to conduct a search for his successor.  This timetable will allow Tony to lead Severn Trent for the next year, oversee the submission of its Final Business Plan to Ofwat for PR14 and manage an orderly handover to his successor.

The Board of Severn Trent will initiate a process to identify both internal and external candidates for succession to the CEO role.

Severn Trent Chairman, Andrew Duff said, "Tony is a highly effective Chief Executive of Severn Trent.  Under his leadership the business has undergone significant transformations and operational improvement.  Tony has also been an influential voice within the industry and has played a significant part in setting its future direction.  With a strong Executive team in place the timing of this decision provides Severn Trent with continuity of leadership and the necessary time to search for and identify his successor."

Enquiries:

Rob Salmon	Severn Trent Plc	0207 353 4200 (on the day)
Head of Communications		02477 715000
John Crosse	Severn Trent Plc	0207 353 4200 (on the day)
Head of Investor Relations		02477 715000
Anastasia Shiach / Martha Kelly	Tulchan Communications	0207 353 4200

Forward-Looking Statements:

This document contains certain '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', 'should', 'expects', 'believes', 'intends', 'plans', 'potential', 'reasonably possible', 'targets', 'goal' or 'estimates'. 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 will occur in the future.

There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in the economies and markets in which the group operates; changes in the regulatory regime within which the group operates (including increased competition); developments in the capital markets from which the group raises finance;  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.  Subject to compliance with applicable law and regulations, Severn Trent does not intend to update these forward looking statements and does not undertake any obligation to do so.

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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