Pennon outlines succession plan as CEO Susan Davy retires

(Sharecast News) - Water utility company Pennon confirmed on Tuesday that chief executive Susan Davy will step down from the board on 31 December, following the announcement of her retirement earlier this year. Pennon said interim arrangements had been made to cover the period prior to new CEO Keith Haslett's arrival, no later than 30 June. From 1 January, chairman David Sproul will take on the role of executive chair, supported by an operating committee with delegated authority to run the business and deliver the group's strategy.

The FTSE 250-listed added that the committee will comprise group chief financial officer Laura Flowerdew, group chief strategy officer Sarah Heald, and group general counsel and company secretary Andrew Garard.

Davy will remain available to provide handover support to ensure continuity until Haslett's arrival, Pennon added.

Susan Davy said: "My brilliant colleagues are firmly focused on delivery of our five-year plan, having made a robust start to the regulatory period. Our half year results confirm we are on track financially and operationally, delivering for customers, communities and the environment. I will continue to be available to support the team during this transition ahead of Keith's arrival."

As of 0815 GMT, Pennon shares were down 0.28% at 533p.

Reporting by Iain Gilbert at Sharecast.com