Thames Water has been left without a permanent financial chief at a crucial time in its protracted survival battle after it revealed today the current CFO will leave next week.
The struggling utility said Alastair Cochran “will step down from his role at the end of March” and a successor announced “in due course.”
The departure comes after Thames won an appeal court battle over a £3 billion emergency loan that will buy it enough time to recapitalise its balance sheet and put its finances on a secure footing.
The former investment banker, who earned £1.3 million last year including a £446,000 bonus, has been with the water company for three and a half years after joining from Petrofac.
He also worked with Alastair was at BG Group , Barclays de Zoete Wedd, Credit Suisse First Boston and Morgan Stanley.
Thames Water Utilities chairman, Sir Adrian Montague said “On behalf of the Board I would like to offer our sincere thanks to Al for his service. He has overseen significant changes to the company during his time on the board and executive.
“At the request of the Board, alongside his role as CFO, he served as joint CEO maintaining stability for the business before the appointment of the current Chief Executive.
“He has led the work to put TWUL’s finances on a more stable footing, overseeing the first stages of our equity raise and financial restructuring, laying the foundations for the wholesale recapitalisation of the business. We wish him the very best for the future.”
Chief executive Chris Weston said: “Since joining Thames Water in September 2021, Al has overseen significant progress within the Company. He has led on the development of our most ambitious business plan ever, alongside work to put the business on a sound financial footing for the future, enabling us to better deliver for customers and the environment.
“Al was instrumental in securing £3bn of new liquidity to support the business through its longer term equity raise process. His technical capability, relationships with stakeholders and interest groups and personal tenacity and resilience has been pivotal to the Company delivering one of the largest restructuring activities in UK corporate history. I would like to thank him for the dedication he has shown during his tenure and wish him and his family the very best for the future.”
TWUL said it has asked director of group finance, Stuart Thom, to act as interim CFO whilst longer term arrangements are put in place.
