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Takeover to trigger Thames Water management shakeup

News

THAMES WATER'S senior management is set for a shake up following completion of the takeover by the Macquarie Bank led-consortium Kemble Water next month.

Kemble announced this week that after the deal goes through, former Amec chief executive Sir Peter Mason will join the board as non-executive chairman, replacing James Forbes.

The consortium's main shareholder is Macquarie, whose investment partners are international pension funds.

Thames Water chief executive Jeremy Pelczer has announced he will resign after the takeover.

He will be replaced by former 24 Seven Utility Services chief executive David Owen.

Kemble cited Mason's distinguished career and strong leadership qualities as reasons for his appointment. It refused to comment on Pelczer's future plans.

Mason's appointment effectively kills off speculation that he will take over from Olympic Delivery Authority (ODA) chairman Jack Lemley, who resigned earlier this month (News last week). Mason currently sits on the ODA board.

Thames was bought by Kemble last month from German owner RWE in a deal worth £8bn. RWE has been criticised by consumer groups for failing to improve Thames' water infrastructure after buying the company for £4.3bn in 2000.

'RWE went off turning an enormous profit without helping to solve any of the infrastructure problems Thames Water had, such as four years worth of missed leakage targets, ' said a Consumer Council for Water spokesman.

'We are concerned that the new owners are in it for the long term and not just in it for the money.'

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