Pennon appoints new chief executive and chair

Pennon Group’s chief financial officer, Susan Davy, will take on the role of chief executive at the end of the month, when Chris Loughlin stands down. And Pennon senior independent, non-executive director, Dr Gill Rider will succeed Sir John Parker who leaves after five years in the post.

Davy (pictured top) has served as finance chief since 2015 and before that she was South West Water finance director from 2007. Rider (right) has been a Pennon board member since 2012, most recently as chair of the sustainability committee.

Loughlin has been group chief since 2016 and South West Water chief executive since 2006.

The company announced the appointments among other board changes and the completion of the £4.2bn sale of its waste arm, Viridor which leaves the group focused on its water businesses.

Pennon said it will “consider the best use of net cash proceeds from the sale in terms of reducing the group's borrowings and pension obligations, retaining funds for opportunities and making returns to shareholders,” with an update for shareholders planned in November when half year results are announced.

In other changes:

• Paul Boote was appointed to the board as group finance director, having held a range of senior finance positions within the group since 2010; and

• Jon Butterworth, who has served on the SWW board since 2017, was appointed to the Pennon board as a non-executive director.