Severn Trent CFO to depart
The chief financial officer of Coventry-headquartered utilities provider Severn Trent has revealed plans to step down from the role. Mike McKeon has given notice that he intends to retire in spring 2015.
He will be replaced by James Bowling, currently interim chief financial officer of Shire, where he has been since 2004. Prior to joining Shire, Bowling spent nine years at Ford Motor Company in various finance roles.
"I consider myself to have been extremely fortunate to have had Mike's fantastic support and wise counsel during this, my first year at Severn Trent and I will be truly sorry to lose him," Severn Trent chief executive Liv Garfield said.
"However, I am very excited that we have been able to attract such a high-calibre person as James to Severn Trent. I am really looking forward to working with him to build on our success; he has a great track record at Shire and many qualities from which we will benefit."
The company also revealed that it has reduced the size of its board from 11 directors to eight, comprising two executive directors and six non-executive directors, with effect from 23 January 2015.
Dr Tony Ballance, Martin Kane and Andy Smith will therefore cease to be executive directors of Severn Trent.
However, the three will remain as remain members of the Severn Trent Executive Committee and retain their current executive responsibilities director of strategy and regulation, chief engineer and managing director of business services respectively.
Earlier this month, Severn Trent announced plans to reduce its 6,000-strong UK workforce by about 500. The cuts will fall on management and support roles.