Pennon Group announced Friday that Chief Executive Officer Susan Davy has decided to retire, the latest in a series of sweeping leadership changes at the U.K. water utility over the past year.
The company appointed a new chairman, David Sproul, and a new Chief Financial Officer, Laura Flowerdew, in July 2024.
Davy, who was appointed CEO in July 2020 after serving as CFO since 2015, will remain in her post during a formal process to appoint a successor, the company said.
"The approval of our investment plans by Ofwat made this a natural juncture to retire from Pennon," Davy said in a statement.
Under her leadership, Pennon sold its Viridor waste-management business for 4.2 billion British Pounds and acquired several smaller water companies.
The transition comes as the company embarks on a record 3.2 billion British Pound capital investment program aimed at improving its infrastructure.
Pennon is also navigating increased regulatory oversight, with its South West Water subsidiary agreeing a day earlier to invest 24 million British Pounds to settle a wastewater investigation by regulator Ofwat.
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