Severn Trent Plc (SVT.L) Wednesday said its chief executive officer Tony Wray has informed the Board that he plans to retire from the water utility in Spring 2014. He will have been with Severn Trent for 9 years, seven of which were as CEO.
Severn Trent said the announcement is being made to ensure that the Board has the necessary time to conduct a search for his successor.
Wray will be able 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 company's Board will initiate a process to identify internal and external candidates for succession to the CEO role.
Wray became Chief Executive on October 2, 2007. He has extensive experience in a wide range of operational and strategic leadership roles in the Energy, Telecoms, Water and Waste industries.
Previously he was director of Networks at Eircom, the Republic of Ireland's telephone operation and has held director roles within Transco and National Grid Transco.
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."
SVT.L closed up 0.7 percent on Tuesday at 1,676 pence.
For comments and feedback: editorial@rttnews.com