Severn Trent chief executive Liv Garfield is stepping down after 11 years at the helm of the water supplier. The company announced her departure alongside half-year results showing pre-tax profits jumped 60% to £307.8 million.
Garfield will leave at the end of March next year following a handover period. James Jesic, currently chief operating officer at Severn Trent, will replace her. The leadership transition comes as the firm upgraded its annual outlook and announced further cost cuts.
Severn Trent – which provides water and sewage services to more than 4.7 million households and businesses across the Midlands and Wales – now expects performance incentives of at least £40 million. This marks a significant increase from previous guidance of at least £25 million, driven by strong performance in reducing leakage, storm overflow spills and pollutions.
Successor and salary details
Jesic joined Severn Trent as a graduate in 2003 and has worked across the full breadth of the business. He will be paid £775,000 as a starting annual salary, compared to the £873,200 Garfield currently earns before benefits and bonuses.
Christine Hodgson, chairwoman of Severn Trent, described Jesic as a «home-grown leader who has already played a significant role in the success to date of Severn Trent». She added: «His operational expertise and performance focus, along with his passion for our people, purpose and region, make him the ideal person to lead Severn Trent into our next phase.»
