Outspoken CEO of Thames Water stands down

The outspoken chief executive of Thames Water has decided to step down after three years and less than a week after Ofwat's ruling on prices.

David Owens has been a key figure for the firm and grabbed headlines since taking over in 2006, by speaking out on controversial issues like flow restrictors and run ins with Ofwat over funding.

Mr Owens said he needed a new challenge and didn’t mention Ofwat’s latest report which restricted water bill increases when he made his announcement.

Mr Owens said: “After leading the turnaround of Thames Water for the last three years, I am now looking forward to my next challenge.

“It has been a privilege to lead Thames Water and I have very much enjoyed working at Thames and would like to thank both the executive management team and the rest of the staff for the support and commitment they have shown me.

“I would like to wish the company the best for the future.”

“On behalf of the board, I would like to thank David for his leadership and commitment taking Thames Water a company we can all be proud of,” said Sir Peter Mason, chairman of Thames Water Utilities Limited.

“Under David’s leadership, Thames Water has gone from strength to strength, and this year expects to deliver its best-ever performance.

“The fundamentals are now in place to ensure the company continues consistent, strong performance for our customers.”

Martin Baggs will be interim CEO of Thames Water as the company launches a search to replace Mr Owens.

Luke Walsh

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