Financial Services

UPDATE 2-Britain's Thames Water CEO Steve Robertson steps down

(Reuters) – Thames Water, one of the biggest U.K. water companies, said here on Friday its Chief Executive Officer Steve Robertson will step down with immediate effect.

Robertson’s departure comes in the wake of the Labour Party’s plans to renationalize energy networks.

Water utility companies, including United Utilities and Severn Trent, have warned of possible effects renationalization could have on their profits.

Last week, the head of electricity and gas utility company National Grid criticized Labour plans to renationalize energy networks, saying it would increase costs for consumers and could prompt legal challenges.

Thames Water said a search for a new CEO is under way and it would appoint Ian Marchant as executive chairman in the interim.

The company was not immediately available for comment.

Robertson, who has held the top job at Thames since September 2016, will remain an employee until June 30 to help with the transition, the company said.

Reasons for Robertson’s departure were not immediately known.

Reporting by Samantha Machado in Bengaluru; Editing by Arun Koyyur and Shinjini Ganguli


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