Thames Water Utilities Limited has appointed Steve Buck as Chief Financial Officer (CFO), effective April 7, 2025. This decision comes after the unexpected resignation of Alastair Cochran, who left at the end of March.
Previously, Steve Buck served as CFO for both Pennon Group and Anglian Water. Before that, he spent 11 years at Centrica, where he held several senior positions, including Group Head of Finance and Transformation, as well as Finance Director for British Gas. Notably, he also worked at Thames Water from 2002 to 2007 and is a Chartered Management Accountant.
Chris Weston, CEO of Thames Water, expressed his enthusiasm, stating, “I am thrilled that Steve is joining Thames at such a crucial time for the company. He will be instrumental in establishing a more stable financial footing, advancing our turnaround strategy, and focusing on a comprehensive recapitalization of the business.”
Steve Buck remarked, “I am eager to return to Thames Water. Collaborating with the team, my priority will be to execute the company’s turnaround strategy and ensure the recapitalization of the business, aiming to strengthen our financial position to enhance performance and meet the expectations of our customers, colleagues, and broader stakeholders.”
Steve Buck’s annual salary will be £500,000, accompanied by a pension allowance of 12% of his salary, consistent with the workforce’s pension provisions, and a car allowance of £12,500 per year.
He will also be eligible to participate in the company’s existing Performance-Related Pay Plan, which offers a target payout of 156% of salary based on performance. This plan includes a base award paid at the end of the performance year and a deferred award payable two years later.
The Performance-Related Pay Plan has been structured to comply with Ofwat’s current guidelines regarding executive compensation and features performance metrics directly linked to customer service, environmental impact, and financial stability. The deferred component is specifically tied to the successful execution of the turnaround strategy.
The company stated that these compensation arrangements align with its Executive Director Remuneration Policy and adhere to standard company terms and conditions.
Source: Thames Water
