Severn Trent (LSE: SVT) said today that Chief Financial Officer Helen Miles is stepping down to become finance chief at Vistry Plc. The water utility made the announcement in a stock exchange statement.
Miles has told the Board she will leave her roles as Chief Financial Officer and Executive Director after 12 years at Severn Trent.
The Board has begun a formal search for her replacement. Miles will remain CFO throughout her 12-month notice period to support an orderly transition.
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Severn Trent said it will provide further updates in due course.
Chief Executive Officer James Jesic thanked Miles and pointed to the work still ahead:
“On behalf of the Board, I would like to thank Helen for her significant contribution over her 12 years at Severn Trent and I wish her well for the future. We remain focused on continuing to deliver one of the sector’s most ambitious capital investment programmes for the benefit of our customers, communities and the environment.”
James Jesic, Chief Executive Officer, Severn Trent
Jesic said the company remains focused on delivering its capital investment programme.
Miles said in the announcement that she had “loved my time at Severn Trent and the opportunity to work with brilliant colleagues across the business”. She added that she looks forward to supporting a smooth transition over the coming year.
For shareholders, the practical point is timing. The finance chief of a business running a large investment programme will change within roughly a year, giving the Board that time to find a successor.
The things to watch are who the successor is and when the Board names them.
