The Chief Financial Officer(CFO) of Thames Water, Alastair Cochran, has disclosed that he will quit his position at the end of this month.
Cochran’s decision is coming after three and a half years as the firm battles to avoid financial downturn.
Thames Water is in a £16 billion debt and recently got court approval to obtain extra £3 billion as loans to keep it running into 2026. His departure comes at a critical time for the UK’s largest water company amid close scrutiny of its fragile finances
Cochran’s sudden exit comes as Thames Water continues to find a buyer to help stablise its finances as England’s biggest water supplier, has for the past year been at risk of nationalisation.
Director of Group Finance, Stuart Thom, will act as interim CFO while the company seeks a permanent replacement, a statement from Thames Water said.
Thames Water is England’s biggest water firm, with about 16 million customers.
Cochran, who was at Thames Water for three-and-a-half years, was instrumental in securing a £3 billion deal, according to chief executive Chris Weston.
His exit constitutes another setback for the company, which has been at the centre of growing public anger over the state of the privatised water industry, as consumers face rising bills while companies pump raw sewage into rivers and waterways.
This action is despite series of penalties from regulators of Water and the Environment Agency.
Meanwhile, many bosses, including those at Thames Water, were still given huge bonuses last year.
Chairman Sir Adrian Montague added that Cochran had “overseen significant changes” to the company while in the position.
“He has led the work to put (Thames Water’s) finances on a more stable footing, overseeing the first stages of our equity raise and financial restructuring, laying the foundations for the wholesale recapitalisation of the business.”
Stuart Thom, Thames’ current director of group finance, will be interim chief financial officer.
