United Utilities shares were down 0.4% to 1,147p in early morning trading on Wednesday following the announced resignation of Chief Executive Officer Steve Mogford.
Mogford is scheduled to step down from the position in early 2023, after 12 years with the water and wastewater firm.
The group confirmed its appointment of Customer Service and People Director Louise Beardmore as United Utilities’ next CEO, who is set to support Mogford in his role until he officially steps down and retires from United Utilities next year.
The company said that Beardmore would join the Boards of the group as CEO designate on 1 May 2022, and added that she is set to lead the creation of the firm’s PR24 business plan which will cover the next five-year regulatory period.
“It has been a real honour to lead such a wonderful team that has succeeded on so many fronts,” said Mogford.
“We’re acutely aware of the important role we play within our North West community and Louise embodies all of the values to which we aspire.”
“With her boundless energy and commitment, I have no doubt she will lead United Utilities to even greater success.”
Beardmore has extensive experience across the utilities sector, and has worked in regulated and non-regulated environments in the UK and across the global markets.
“I am privileged to have been asked to lead an organisation that cares passionately about the essential service we deliver to seven million people in the North West,” said Beardmore.
“I look forward to working with the team to ensure we continue to provide the service and results our customers and stakeholders deserve and expect; a business where colleagues are proud to work and an organisation that is recognised as delivering for all communities in our region.”