7th May 2019 10:53
LONDON (Alliance News) - Severn Trent PLC on Tuesday said Chair Andrew Duff intends to step down from his role on the company's board.
The FTSE 100 water services firm said it started a process to appoint a successor to replace Duff, who leaves the board after nine years.
Duff said: "It is a real privilege to serve as chair of Severn Trent and it has been a pleasure to oversee the company's progress over the last nine years.
He added: "As we prepare to implement our new business plan, following selection as one of only three companies awarded Fast Track status by Ofwat, I believe this is the right moment to step down and allow a new chair to lead the board into this important next phase for Severn Trent."
Duff will be standing for re-election at the company's forthcoming annual general meeting on July 17 and to facilitate an effective succession plan, he will remain as chair until the announcement and induction of his successor.
Severn Trent shares were trading down 0.3% at 1,998.00 pence each.
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