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(Sharecast News) - Thames Water's chief financial officer Alastair Cochran will leave the company at the end of March, it was announced on Friday, marking a significant leadership change as the debt-laden utility pushed ahead with efforts to stabilise its finances.
Cochran, who joined in 2021 and also served briefly as joint chief executive, would step down from both the executive team and the board.
His departure came at a critical moment for the UK's largest water and sewage company, which was attempting to recapitalise amid nearly 20bn in debt and mounting regulatory scrutiny over environmental performance.
The company recently secured a 3bn emergency loan to stave off insolvency, though the funds were not expected to be available until early April.
Cochran played a central role in the early stages of Thames Water's financial restructuring and equity raise, and was instrumental in negotiating the rescue loan that provided a short-term lifeline.
He also helped develop a new business plan aimed at addressing long-standing infrastructure and environmental challenges, which had led to heavy criticism and fines from regulators.
Stuart Thom, currently director of group finance, was appointed interim finance chief while the company searched for a permanent successor.
Reporting by Josh White for Sharecast.com.
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