Thames Water chief executive Sarah Bentley resigns in shock departure
Today, at 2:49 pm on Tuesday, the 27th of June 2023, we are sharing this blog post.
Sarah Bentley has resigned as the chief executive of Thames Water, terminating her position immediately after serving for a period of three years.
Today, the departure of the biggest water provider in the UK was confirmed, which includes her departure from the board. This surprising exit is just the most recent unexpected event at the troubled company.
Thames Water has turned to its internal workforce to address the temporary absence of leadership, appointing Al Cochran, the chief financial officer, and Cathryn Ross, the director of strategy and external affairs, as co-interim CEOs until a suitable replacement is discovered.
The quest for a fresh leader now commences.
The chairman, Ian Marchant, expressed his gratitude towards Sarah for her contributions to the company since she joined in 2020. He commended her for assembling an exceptional executive team and leading the initial phase of the company's transformation. Speaking on behalf of everyone at Thames, the board extends their well wishes for her future endeavors.
Speaking about her unexpected departure, Bentley expressed her deep gratitude for being given the opportunity to tackle such a notable endeavor and her sincere appreciation for the committed and motivational colleagues at Thames Water whom she had the privilege of working with.
The groundwork we have established paves the way for the company's upcoming achievements in enhancing customer service and environmental sustainability. My sincerest wishes go out to all those who have contributed to this transformation.
Sarah Bentley became part of the company in September 2020, after previously serving as the chief customer officer at Severn Trent.
Bentley recently chose to forgo her bonus for this year – however, a raise in her salary resulted in her still receiving £1.6 million this year.
This incident marked the most recent dispute regarding her generous salary deals, as the head of the water company earned almost £5 million throughout her three-year tenure at the organization.
During that period, she created the company's strategy for addressing sewage and leaks while also revealing fresh investment goals.
However, the business has also faced obstacles, like the need to bring in experts to assess its financial status, due to worries about its immense debt of £14 billion.
It has also received negative feedback from Ofwat for its lack of transparency in its medium-term investment intentions, and is currently being probed by the regulatory body for unauthorized sewage spills.
This occurs as the firm's water infrastructure is deteriorating due to leaks and sewage overflow into rivers caused by storm-related events.
