Struggling Thames Water names former Aggreko boss Weston as new CEO
LONDON – Thames Water, one of Britain’s largest water suppliers, has announced the appointment of Chris Weston as its new chief executive. Weston, formerly the CEO of power equipment rental firm Aggreko, will assume his role on January 8th, with a focus on leading a turnaround for the struggling water supplier.
Thames Water has been grappling with a highly indebted balance sheet and operational difficulties that have led to subpar environmental performance and customer dissatisfaction. To address these challenges, Weston’s appointment brings with it strong operational and strategic expertise.
Thames Water Chairman Adrian Montague expressed confidence in Weston, stating, He has a proven track record working in regulated environments, turning around business performance, and improving customer experience.
The financial situation of Thames Water has been precarious, with the possibility of a government rescue plan looming earlier this year in the event of a collapse. The company is currently owned by a Canadian pension fund, British pension funds, and other financial investors.
In an effort to steer the company back on track, Thames Water launched a new turnaround plan this month, aiming to restore stability and success within a three-year period. However, the company’s finances continue to face scrutiny from lawmakers.
To address concerns and provide clarification, interim co-chief executives were questioned by lawmakers on Tuesday. The interim executives assumed their positions in June after the previous CEO unexpectedly resigned.
Thames Water’s appointment of Chris Weston underscores their commitment to resolving their financial and operational challenges. As the new CEO, Weston will lead the company in a critical period of restructuring and improvement, with the goal of ensuring customer satisfaction and enhanced environmental performance.
The new appointment brings hope for positive change to Thames Water, as industry experts believe that Weston’s experience and expertise will be instrumental in guiding the company through its current struggles. With a focus on turning around business performance and improving customer experience, Weston’s leadership may be the catalyst Thames Water needs to regain stability and regain the trust of its customers and investors.
Thames Water’s future success will be closely watched by industry stakeholders, customers, and the government, as the company plays a vital role in providing reliable water services to millions of people across the United Kingdom.
As Weston takes the helm, his leadership will be crucial in driving Thames Water towards a more prosperous future, fostering financial stability, operational efficiency, and environmental responsibility. With his vast experience in regulated industries, expectations are high that Weston will be able to deliver the turnaround that Thames Water desperately needs.
###
