Tony Wray, chief executive officer of Severn Trent Plc (SVT), the U.K.’s second-largest publicly traded water company, is retiring next spring, the utility announced.
Wray informed the board of his plans to ensure time to search for successor, oversee submission of a final business plan for price review to the U.K. regulator Ofwat and “manage an orderly handover,” the company said today in a statement.
Severn Trent said Wray will have served as CEO for seven years by the time he retires. The shares have risen 21 percent over the past year compared with a 27 percent gain by United Utilities Plc, Britain’s biggest water company by market value.
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