Severn Trent (LSE:SVT) said Chief Financial Officer Helen Miles will step down to become Chief Financial Officer of housebuilder Vistry, the London-listed water and wastewater utility announced on Tuesday.
Miles, who has spent 12 years at the company, will stay on as CFO through a 12-month notice period to support an orderly transition while the board runs a formal search for her successor.
Her departure lands as Severn Trent pushes through one of the sector's largest capital investment programmes, with first-quarter capital spending up 22% year-on-year to around £440m and full-year guidance of £2.2bn to £2.5bn for the current financial year.
The exit also follows a wastewater investigation by regulator Ofwat, concluded in July, which ended with no financial penalty after Severn Trent accepted the regulator's findings and said it had already begun addressing the issues identified.
Chief Executive James Jesic thanked Miles for her "significant contribution over her 12 years at Severn Trent" and said the company "remains focused on continuing to deliver one of the sector's most ambitious capital investment programmes for the benefit of our customers, communities and the environment."
Miles said she had "loved" her time at the company and looked forward to "supporting a smooth transition over the coming year."
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