Water utility firm Pennon Group has announced that its chief financial officer (CFO), Steve Buck, has decided to step down from the role for personal reasons.

Buck will be succeeded by Laura Flowerdew, effective from today, as the Pennon board enacts an internal succession plan.

Flowerdew is Pennons’ chief customer and digital officer and has previously held a CFO role at Bristol Water.

In a statement to the London Stock Exchange, Pennon said that the group “fully supports” Buck’s decision, and that its board had wished him well for the future.

Pennon’s CEO, Susan Davy, said: “Having had the opportunity to work closely with Laura over the past few years, she is perfectly placed to take on the role. Laura has a strong understanding of our business and brings with her significant leadership experience.”

The parent company of South West Water, Pennon was involved in a scandal earlier this year when it announced a dividend increase at a time when South West Water was telling thousands of households they would need to boil their drinking water following a parasite outbreak.

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