Thames Water appoints Steve Buck amid critical financial restructuring

In the UK, Thames Water has recently appointed Steve Buck, a seasoned executive with a background in the water utilities sector, as its new finance chief. This decision comes shortly after the unexpected resignation of the previous CFO, Alastair Cochran, during a crucial restructuring phase for the company. With considerable debts exceeding £16 billion, Thames Water is seeking to stabilize its finances by looking for a buyer while also planning to take out up to £3 billion in additional loans approved by a court to keep operations running until at least 2026. Buck's experience includes senior financial positions at Pennon and Anglian Water, as well as past roles at Centrica, the parent company of British Gas, and a prior tenure with Thames Water itself. Buck's salary in this new role is set at £500,000, with the potential for bonuses depending on performance targets. The company is currently negotiating with Kohlberg Kravis Roberts, a US private equity giant, to finalize terms of a possible acquisition that aims to provide financial security for the heavily indebted water service provider. As the biggest water utility in England serving about 16 million customers, Thames Water hopes Buck's leadership will help reinforce its financial foundation and advance its recapitalization goals for a more secure future.