Longest serving female FTSE 100 boss steps down

The longest-serving female chief executive of a FTSE 100 company has stepped down from one of Britain’s biggest water companies after more than a decade in charge.

Liv Garfield, chief executive of Severn Trent, announced on Wednesday she would exit the utility giant at the end of the year, having run the company since 2014.

She will be replaced by James Jesic who joined Severn Trent as a graduate in 2003. Mr Jesic is currently leading Severn Trent’s investments into its water network.

The exit draws to a close one of the longest stints running a FTSE 100 business, where the average tenure of a chief executive is five and a half years.

Ms Garfield’s departure also deprives the blue chip index of another female chief executive amid a dwindling number of women leading Britain’s largest companies.

Two other leaders, GSK chief Dame Emma Walmsley and Diageo’s Debra Crew, announced exit plans this year – leaving the FTSE 100 with only seven female chief executives.

Ms Garfield said: “It has been a true privilege to be the [chief exevutive] for the last 11 years. I love the business, and I love the
people. I’m grateful to have led an incredible team of hard working and passionate individuals that make Severn Trent the very special company it is today.”

The leadership change comes at a tumultuous time for the water industry, amid greater scrutiny following the Thames Water crisis.

Severn Trent has a comparatively high performance rating from the Environment Agency (EA), meaning the company has escaped Ofwat’s clampdown on excessive executive pay in the sector.

However it has also faced environmental issues, and last year was fined £2m for “reckless” pollution by the EA for a huge discharged of raw sewage at a water treatment works into the river Trent.

The change at the top comes as Severn Trent, which serves households from Bristol to the Humber, has increased bills by an average of 22pc. The hike has been imposed to help Severn Trent pay for a £15bn investment programme.

The water group said the investment programme will reduce river pollution by 30pc and cut leakage by 16pc by 2030.

Christine Hodgson, the chairman of Severn Trent, said of Ms Garfield: “With her laser sharp focus on performance, she has transformed Severn Trent to be a recognised sector leader.”

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