The chief financial officer (CFO) at Thames Water, Alastair Cochran, has announced that he will step down from the role at the end of the month.

Cochran, who joined the water company in September 2021, will also step down from his position as an executive director and from the Thames Water board.

The news comes after Thames Water had its £3bn restructuring plan approved by the High Court last month, avoiding the prospect of the firm falling under Government control.

The company’s director of group finance, Stuart Thom, has been asked to act as interim CFO as the firm starts to put longer term arrangements in place.

It stated that Cochran’s successor will be announced in due course.

Chairman at Thames Water, Sir Adrian Montague, said: "On behalf of the board, I would like to offer our sincere thanks to Cochran for his service. He has overseen significant changes to the company during his time on the board and executive. At the request of the board, alongside his role as CFO, he served as joint CEO maintaining stability for the business before the appointment of the current chief executive.

"He has led the work to put TWUL's finances on a more stable footing, overseeing the first stages of our equity raise and financial restructuring, laying the foundations for the wholesale recapitalisation of the business. We wish him the very best for the future."

Chief executive at Thames Water, Chris Weston, concluded: "Since joining Thames Water in September 2021, Cochran has overseen significant progress within the company. He has led on the development of our most ambitious business plan ever, alongside work to put the business on a sound financial footing for the future, enabling us to better deliver for customers and the environment.

"Cochran was instrumental in securing £3bn of new liquidity to support the business through its longer term equity raise process. His technical capability, relationships with stakeholders and interest groups and personal tenacity and resilience has been pivotal to the company delivering one of the largest restructuring activities in UK corporate history."

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