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Ofwat forces restructure at Thames Water after takeover

Kemble Water Limited, the new owner of Thames Water, has changed the board structure at the water giant, under pressure from industry regulator Ofwat.
Ofwat conducted a public consultation into Kemble's takeover of Thames Water in February. Kemble wanted the Thames Water board to comprise 11 shareholder-appointed non-executive directors and three independent non-executive directors.The Ofwat report recommended that Thames Water appoint three executive directors. Thames has made David Owens chief executive officer, Simon Batey finance director Steve Shine as chief operating officer ti replace shareholder-appointed non-executive directors. It will also examine the effectiveness of Thames's board structure, and report back to Ofwat in the next six to 12 months.Regina Finn, Ofwat Chief Executive said, 'It is important that under its new ownership Thames Water concentrates on improving its performance, delivering for its customers and meeting its regulatory obligations.We see no reason why Thames Water cannot achieve this, and we will be looking to the company to demonstrate its commitment to its customers by, amongst other things, meeting its leakage target this year,' she said.

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