Severn Trent CEO Liv Garfield Departs After 11 Years

Severn Trent's chief executive, Liv Garfield, will step down by the end of December after an 11-year tenure. Her departure follows a period of strong financial results, with pre-tax profits jumping 60% to £307.8 million in the six months leading up to September 30. The company also elevated its full-year guidance, anticipating at least £40 million in performance incentives, attributed to notable improvements in reducing leakage, storm overflow spills, and pollution.

Ms. Garfield expressed pride in leading Severn Trent to become a recognized sector leader, with its largest investment program ahead. She will remain with the company until March next year to ensure a seamless transition. James Jesic, currently the capital and commercial services director, will take over as CEO. He joins with a starting salary of £775,000, lower than Ms. Garfield's current remuneration.

Severn Trent continues to increase infrastructure spending while managing costs, a move supported by an average 21% bill hike in April. The company is improving its environmental performance, aiming to halve storm overflow spills by 2025 and maintain its streak in leakage reduction. This positions Severn Trent as a relatively better-performing water company on environmental metrics amidst ongoing public scrutiny of rising bills and pollution.