Severn Trent boss Liv Garfield is to step down after 11 years at helm
Severn Trent boss Liv Garfield is to step down after 11 years at the helm as the water firm upgraded its full-year guidance.
The supplier – which provides water and sewage services to more than 4.7 million households and businesses across the Midlands and Wales – said Ms Garfield will leave at the end of December.
She will be replaced by James Jesic, who is currently capital and commercial services director at Severn Trent and managing director of Hafren Dyfrdwy Cyfyngedig in the north east and mid-Wales.
Ms Garfield will stay with the business until the end of March next year to help with a smooth handover.
Her departure plans were announced alongside half-year results showing pre-tax profits jumped by 60% to £307.8 million in the six months to September 30.
The group also hiked its annual outlook, saying it now expects performance incentives of at least £40 million against previous guidance for at least £25 million, which it said is driven by a strong performance in reducing leakage, storm overflow spills and pollutions.
Severn Trent is also cutting costs further while increasing its infrastructure renewals spending.