6 days ago
Ofwat chief David Black to step down with regulator set to be abolished
The chief executive of Ofwat is to step down as the embattled water regulator prepares to be abolished.
David Black will leave the role at the end of August and an interim chief executive is being appointed in due course.
The government last month announced the regulator would be abolished in a regulatory shake-up that comes as part of its response to public outrage over rising bills, sewage pollution and large bonusses for bosses.
Ofwat may not be formally axed until at least 2027 because the process to overhaul the current system will likely be complex.
Mr Black, who took over as Ofwat's boss in 2021, decided the time is right for him to pursue new opportunities, the regulator said.
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.
"The 2024 price review backed an investment programme of £104bn, 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.
"I wish the team every success as they continue their important work."
Ofwat chair 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."
Ofwat will be abolished as part of an overhaul of the 'broken' regulatory system, environment secretary Steve Reed confirmed in July.
He made the announcement in response to an independent review by Sir Jon Cunliffe, which was published last month.
The review was commissioned by the government to answer public fury over pollution in rivers, lakes and seas, soaring bills, shareholder payouts and bosses' bonuses.
Mr Reed said the move to create a single 'powerful' regulator, taking in the functions of four existing bodies with overlapping functions, would curb pollution and 'prevent the abuses of the past for customers'.
The overhaul, he said, would ensure 'British families are never again hit by the shocking bill hikes we saw last year', and committed to cut water companies' sewage pollution in half within five years.
