Thames Water brings in Steve Buck as CFO facing £20bn burden
Thames Water has appointed Steve Buck as its new chief financial officer, stepping into the role at a critical juncture for the heavily indebted utility.
The announcement follows the sudden resignation of former CFO Alastair Cochran last month.
Buck, a seasoned utilities finance executive and former CFO of Pennon Group and Anglian Water, will officially assume the position on Monday (7 April), the company said in a statement.
He previously worked at Thames Water between 2002 and 2007 and brings additional experience from British Gas parent Centrica, where he held senior finance roles including group head of finance and transformation.
The appointment comes just as Thames Water, which serves 16 million customers across London and the Thames Valley, faces mounting pressure to stabilize its finances.
The company is burdened with nearly £20 billion in debt and is currently seeking early access to a recently secured £3 billion emergency credit facility. It also aims to finalize a recapitalization deal by September, with guidance from Rothschild.
Thames Water this week selected private equity firm KKR as its preferred bidder in an ongoing auction process to assume control of the utility, according to the Financial Times.
Chris Weston, CEO of Thames Water and a former Centrica executive himself, said Buck’s arrival comes at a “pivotal moment” for the business.
“He will play a crucial role as we seek to place Thames on a more secure financial foundation,” Weston said.
Buck echoed that sentiment, stating: “I will be focused on delivering the company’s turnaround plan, and deliver the recapitalisation of the business, in order to put the business on a firmer financial platform.”
Buck will receive a base salary of £500,000 and be eligible for a bonus of up to 156% of that figure, according to the company.
The leadership change comes as scrutiny intensifies over the future of the UK’s largest water utility, with concerns growing over whether it could require government intervention or even face renationalisation if it fails to restructure its finances successfully.