Ofwat chief executive David Black to stand down
David Black will leave the role at the end of August and an interim chief executive will be appointed in due course.
The Government last month announced the regulator would be axed in a regulatory shake-up that comes as part of its response to public outrage over rising bills, sewage pollution and large bonuses for bosses.
Ofwat may not be formally axed until at least 2027, with the process to overhaul the current system likely to be complex.
The regulator said Mr Black, who took over as chief executive in 2021 and had worked in various roles at Ofwat since 2012, had decided the time is right for him to pursue new opportunities.
In a statement on Tuesday, he said: 'I have been privileged to be able to lead Ofwat over the last four years, during which time we have achieved a huge amount together as a team for customers and the environment.
'I wish the team every success as they continue their important work.'
The four bodies responsible for regulating the sector have faced intense criticism for overseeing companies during the years where they paid out to shareholders and accrued large debts – while ageing infrastructure crumbled and sewage spills skyrocketed.
Currently, Ofwat oversees how much water companies in England and Wales can charge for services, the Drinking Water Inspectorate ensures that public water supplies are safe, while the Environment Agency and Natural England have regulatory functions to monitor the industry's impact on nature.
Under Government plans, measures will be rolled out to merge their regulatory responsibilities into a 'single, powerful' regulator – one for England and another for Wales.
The move was recommended by an independent review into the sector, which was commissioned by ministers to answer public fury over the ailing state of the water sector.
Led by former Bank of England governor Sir Jon Cunliffe, the review advised far-reaching changes to the way the water system is regulated as one of 88 measures to tackle problems in industry.
As part of its own response to the crisis, Ofwat said it would allow firms to raise average bills from 2025 to 2030 to help finance a £104 billion upgrade for the sector as part of its so-called price review, published in December.
In his statement on Tuesday, Mr Black said: 'The 2024 price review backed an investment programme of £104 billion, along with a further £50 billion investment in major new water resources, which will improve service, environmental outcomes and resilience in the years to come.'
Consumer groups at the time warned that the increases were 'more than what many people can afford', with companies able to raise average bills by £157 in total over the next five years to £597 to help finance the £104 billion.
Ofwat chairman Iain Coucher said: 'David has worked, tirelessly, to bring about transformational change in the water sector.
'He has sought new regulatory powers and resources to hold companies to account, taken major enforcement action and provided funding and incentive packages that drive continual improvements for customers.
'On behalf of the board and everyone at Ofwat, I would like to thank David for his leadership and his service over the last 13 years and to wish him every success in the future.'
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