07/12/2012

Nigel Annett to stand down as MD of Dŵr Cymru in March 2014

Nigel Annett, Managing Director of Dŵr Cymru Welsh Water and one of the founders of Glas Cymru – the not-for-profit company that acquired Dŵr Cymru in 2001 - today told a meeting of company members that he intends to stand down in March 2014 after more than twenty years with the company.

Nigel joined Dŵr Cymru in 1992, and created Glas Cymru in 2000 together with Lord Terry Burns and the current Finance Director, Chris Jones. Glas Cymru successfully bought Dŵr Cymru from Western Power Distribution in May 2001 financed by a £1.9billion bond issue – the largest ever, non government-backed, corporate bond issue. Nigel was appointed Managing Director in November 2004.

Bob Ayling said:

“Nigel’s achievements speak for themselves. He created Glas Cymru as a new model for the ownership and management of public assets. He has led one of the country’s most vital and trusted companies in terms of public health, environmental protection, and contribution to the local economy.

“For almost a decade, Nigel has led the company with great distinction and above all has been a champion for Dŵr Cymru’s customers in Wales, Herefordshire and Deeside. He has been a driving force both within the company and within the wider community in Wales. His commitment to excellence in everything the company and its staff do is contagious and he is an unwavering advocate for Glas Cymru's not for profit structure, believing that water is a public commodity and that profits should be reinvested for the benefit of the company's customers.

“Under his leadership, the company has been transformed into one of the best in the sector, and when Nigel leaves Dŵr Cymru in 2014, his successor will inherit one of the finest teams in the UK.”

Nigel Annett said:

“I have had a wonderful career of over twenty years with Dŵr Cymru and now approaching almost 10 years as Managing Director. We are about to start the really serious work on the next regulatory price review and I think the team that negotiates our plans with Ofwat should be the same team that then delivers the regulatory settlement. This is a marvellous company that over 3 million people depend on and I feel that now is the right time to hand over the reins.”

Some highlights under Nigel’s leadership include:

• Dŵr Cymru’s customers’ bills have shown a lower increase than any other water company for the past two years, and by the end of this investment period in 2015, bills will have fallen by 6% in real terms compared to 2000, the year before Glas Cymru acquired Welsh Water;

• Wales now has a third of all the UK’s Blue Flag beaches compared to only a handful in the 1990s;

• through its customer assistance fund and special tariffs, Dŵr Cymru is helping over 48,000 low income households with their water bills – more than any other water company;

• leakage is at an all-time low;

• customer satisfaction is at a record high at 94%

• Dŵr Cymru has the highest credit rating of all UK utilities and regulatory gearing has fallen from 93% in 2001 to 64% today

• Dŵr Cymru is investing £1billion in the three years to 2015 to further improve services making a significant contribution to the local economy and supporting over 10% of the construction industry in the region.

The search for a successor will begin immediately and an executive recruitment agency has been appointed. Both internal and external candidates will be considered. The process is expected to take a number of months.

Notes to editors:

• Glas Cymru is unique in the UK utility industry in that it is a private company with no shareholders.

• The company is financed in the capital markets, with no government support, and all financial surpluses are used for the benefit of its customers.

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