Boss of South West Water owner Pennon to retire
Susan Davy said she will step down as chief executive and director on the South West Water parent firm's board after 18 years with the company.
The firm said it will conduct a formal process to appoint her successor, with Ms Davy remaining at the head of the business until the new chief executive is agreed upon.
Ms Davy said it is a 'natural juncture' to retire from the business after it agreed a £3.2 billion investment plan with regulator Ofwat in December last year.
The departure plan also comes days after South West Water agreed to pay £24 million after the watchdog found it spilled wastewater in the environment when it should not have done.
Ofwat said its investigation found a 'range of failures' in how the water company managed its wastewater treatment works and sewer network.
It also comes just over a year after South West Water's major water contamination incident in Brixham, south Devon.
An outbreak of cryptosporidium – a parasite that causes infection – in the water supply left some people in hospital, while more than 100 others reported symptoms including diarrhoea.
The departing boss receive a pay package worth £803,000 for the latest financial year after receiving £191,000 in long-term bonuses.
Ms Davy said: 'I have been proud to lead the extraordinary team at Pennon whether in the offices, at reservoirs, on the road or in depots.
'This is vital work, and our people never shirk from that responsibility.
'The approval of our investment plans by Ofwat made this a natural juncture to retire from Pennon.
'This has been my life for the past 30 years, and now it's right I hand this huge responsibility to the next generation of leaders.'
David Sproul, chairman of Pennon, said: 'Susan has been a passionate supporter of the sector over many years and has led Pennon through its transition to focus on UK water.
'The board and I are incredibly grateful to Susan for her unwavering leadership, as she has navigated the group through some challenging external headwinds to emerge stronger and more resilient as we look ahead to the next regulatory period.
'Susan will continue to lead the group whilst we appoint her successor, ensuring a smooth and orderly succession.'
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