Pennon Group PLC has today announced its Chief Financial Officer, Paul Boote, will step down from his role as Chief Financial Officer at the end of the calendar year.
Paul's decision, made for family reasons, comes as part of a planned relocation away from the South West.
Steve Buck will be appointed to the Pennon Board in November 2023 and will take up the role as Chief Financial Officer (CFO) for Pennon Group and its subsidiaries at the end of December 2023.
Steve is an experienced CFO and is currently on the board of Anglian Water Group as CFO, with a broad remit covering finance, treasury, regulation, and transformation, a role he has held for the past four years.
Steve has significant regulated utilities and energy sector experience and a demonstrable track record of driving performance.
He also brings PLC experience having held senior roles at Centrica PLC, including Group Head, Finance and Transformation, and as Finance Director of British Gas, following an earlier career spanning over 16 years in the water sector.
Paul will leave the business following the group's half-year 2023/24 results at the end of December.
Susan Davy, Group Chief Executive Officer, said: 'I would like to thank Paul for his contribution to Pennon over the past 13 years, most recently stepping up as a member of the Board and to the role of Chief Financial Officer. I would like to thank him for the support he has given me personally and I wish him and his family the best for their future.
'The Board and I are delighted to welcome Steve to Pennon Group. He brings significant water sector expertise, alongside broad regulated utilities sector knowledge and listed experience. Steve will be pivotal in helping to drive forward the next chapter in Pennon's growth strategy and continued leadership in the UK Water sector.'
Gill Rider, Chair of Pennon Group, commented: 'The Board and I would like to recognise Paul's commitment to Pennon over many years. Steve will be an accomplished successor, with broad and extensive experience to complement our Board.'
Paul Boote, Group Chief Financial Officer, said: 'It has been a great privilege to serve Pennon over the past 13 years, and to have played a pivotal role in supporting Susan in the strategic development of the Group during this time, including a number of landmark transactions. I would also like to thank Susan, the Board and my many colleagues across the business for their support.'
Steve Buck commented: 'I'm very much looking forward to joining Pennon Group, a listed business with a strong track record in the water sector, with its future investment plans and planned growth in environmental infrastructure.'
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