10th Apr 2006 07:00
TIM WELLER NAMED ASUNITED UTILITIES CFOUnited Utilities PLC announced today that Tim Weller has been appointed to theBoard as its new Chief Financial Officer with effect from 1 August 2006. Hewill join the company on 1 July 2006.Most recently Tim Weller, age 42, was Group Finance Director at RWE ThamesWater. Prior to that, from 2002-2004, he was Group Finance Director at InnogyHoldings and hence has an excellent understanding of the regulated water, gasand electricity industries.Tim started his career at KPMG. He became Partner in the Infrastructure Auditand Accounting Group in 1997 before joining Granada as Director of FinancialControl.Tim is a chartered accountant and studied Engineering Science at the Universityof Exeter.Philip Green, CEO of United Utilities, since 1 April, said:`I am delighted that Tim has agreed to join United Utilities. I believe hisextensive experience in the utilities sector will prove invaluable to thecompany, along with his expertise in all aspects of financial reporting andcorporate finance. I welcome him to our Board and look forward to working withhim in the years ahead.'Tim Weller said: `I am excited at the prospect of joining United Utilities andworking with Philip and his team. I will inherit a very strong balance sheet,boosted by the company's successful billion pound rights issue and its recentlong-term, index-linked bond issues totalling around ‚£550 million.' -ends- Tim Weller2004-2006: RWE THAMES WATER plcFinance Director of RWE Thames Water plc, the water division of the Germanmulti-utility company RWE. During this period Thames Water plc was the world'sthird largest water and wastewater service company, serving over 70 millioncustomers in 20 countries.The business encompassed Thames Water in the UK, American Water in the USA,Berlinwasser in Germany and regulated and unregulated water businesses inEurope, South America and Australasia.Since 2004 Tim has been actively involved in RWE's strategic review of itswater portfolio and the resultant disposal of Thames Water's non-US and UKassets. In late 2005, reflecting the culmination of its water portfoliostrategic review, RWE announced its intention to dispose of Thames Water in theUK and American Water in the US.2002-2004: INNOGY HOLDINGS plcGroup Finance director of Innogy Holdings plc, which was a FTSE 100 companyuntil it was acquired by RWE in May 2002. At the time of the acquisition,Innogy was one of the UK's leading integrated energy companies with around 7million retail customer accounts under the npower brand, over 10 per cent ofthe UK electricity generation market and one of the largest energy tradingoperations in the UK.Tim played a major role in the team driving negotiations with RWE for thedisposal of Innogy, ultimately resulting in the agreement to sell at anenterprise value of approximately ¢â€š¬8.5 billion. He subsequently had a key rolein achieving functional alignment and establishing the programme for businesssynergies arising from the RWE acquisition, including centralising energytrading activity into RWE in Germany.1997-2001: GRANADA plcDirector of Financial Control of Granada plc, which at the time was 64th in theFTSE 100, with a market capitalisation of ‚£4.4 billion and operations in arange of services including television broadcasting and production, pay anddigital TV, restaurants, hotels and catering.Tim was responsible for the overall planning, co-ordination, control and reviewof all information for Group reporting purposes. He played a key role in majorcorporate transactions including the merger with Compass Group and subsequentde-merger, the flotation of Granada Media on the London Stock Exchange, theacquisition of United News and Media's television assets and a variety ofdisposals.1985-1997: KPMGDuring his time at KPMG, Tim gained extensive experience of audit and financialinvestigation assignments involving clients in the utilities, property,construction, banking, manufacturing and industrial sectors. He became apartner in the Infrastructure Audit and Accounting Group in 1997. His principalaudit client was National Power and he also had responsibility for the deliveryof audit and advisory services to Aggregate Industries, Westminster Health Careand BG.2003- date: STANLEY LEISURE plcTim is currently a non-executive director of Stanley Leisure plc.PersonalTim is married with two young children. He enjoys squash, skiing and golf.For further information, please contact:Susanne Walker, Financial Dynamics, 020 7269 7221www.unitedutilities.com -ends- United Utilities' ordinary trade on the London Stock Exchange and its ADRs,each equal to two ordinary shares, trade on the New York Stock Exchange underthe Trading Symbol "UU".ENDUNITED UTILITIES PLCRelated Shares:
United Utilities