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LONDON - Pennon Group (LSE:LON:PNN) announced Friday that Chief Executive Officer Susan Davy has decided to retire from the company’s board after more than 18 years with the water utility provider.
Davy, who was appointed CEO in July 2020 after serving as Chief Financial Officer since 2015, will remain in her position while the board conducts a formal process to appoint her successor. She will continue leading the group during this transition period to ensure a smooth handover.
During her tenure as CEO, Davy oversaw significant strategic initiatives including the acquisitions of Bournemouth Water, Bristol Water, and SES Water, as well as the £4.2 billion sale of Viridor. In January, she announced plans for a £3.2 billion capital investment program over the next five years.
"It has been an honor to serve as Chief Executive Officer of Pennon," Davy said in a press release statement. "The approval of our investment plans by Ofwat made this a natural juncture to retire from Pennon."
Davy has spent nearly 30 years in the water sector and was also responsible for creating the Watershare+ scheme, which gives customers a stake in their local water company.
David Sproul, Chairman of Pennon, acknowledged Davy’s contributions: "Susan has been a passionate supporter of the sector over many years and has led Pennon through its transition to focus on UK Water. The Board and I are incredibly grateful to Susan for her unwavering leadership."
The company stated that further information about Pennon Group’s new CEO will be announced in due course.
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