LONDON: Pennon Group (LSE:PNN) announced Friday that Chief Executive Officer Susan Davy will retire from her position and the board after more than 18 years with the company and nearly three decades in the water sector.
Davy has served as CEO since July 31, 2020, following her tenure as Chief Financial Officer beginning in 2015. She will continue to lead the Group during a formal process to appoint her successor, with her departure expected to follow a “smooth and orderly transition,” the company said.
During her time at the helm, Davy oversaw the acquisitions of Bournemouth Water, Bristol Water and SES Water, along with the £4.2 billion sale of Viridor. She also introduced the Watershare+ scheme to give customers equity and influence in their local water services. In January, she unveiled a £3.2 billion capital investment plan aimed at strengthening infrastructure over the next five years.
“It has been an honour to serve as Chief Executive Officer of Pennon,” Davy said. “Running a water company is always interesting, often challenging, but totally fulfilling … The approval of our investment plans by Ofwat made this a natural juncture to retire.”
Chairman David Sproul praised Davy’s tenure, citing her “unwavering leadership” and ability to guide Pennon through sector challenges and a major strategic transition.
Pennon said it will begin the process of selecting Davy’s successor immediately.