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Thames Water, the UK utility struggling under nearly £20bn of debt, has said that chief financial officer Alastair Cochran will step down at the end of this month.
The utility, which serves 16mn people across London and the Thames Valley, is facing a cash crunch that could leave it with as little as £39mn by the end of March, as suppliers step up demands for prompt payment.
It recently agreed a £3bn emergency loan from senior creditors but cannot begin to access the money before early April.
Thames Water’s chair Sir Adrian Montague said Cochran had “led the work to put [the utility’s] finances on a more stable footing . . . laying the foundations for the wholesale recapitalisation of the business”.
A successor would be announced in due course, the company said.
This is a developing story
