By Razak Musah Baba
LONDON--Waste water treatment services provider Severn Trent PLC
(SVT.LN) Monday announced the appointment of Liv Garfield as its
next chief executive.
Ms. Garfield, who is currently CEO of BT Group PLC's (BT.A.LN)
Openreach and also a non-executive director of Tesco PLC (TSCO.LN),
will take up the role on the retirement of Tony Wray in spring
2014, the company said.
Ms. Garfield will receive a salary of 650,000 pounds ($1.05
million), with a further amount equivalent to 25% of her salary
going into her pension, the company said.
She will also be entitled to a performance-related annual bonus
of up to a maximum of 120% of her salary, with a long-term
incentive of up to a maximum of 125% of her salary, Severn Trent
added.
As a result of her resigning her role as CEO of Openreach she
has forfeited deferred cash remuneration, the company added.
Earlier Monday, BT confirmed the resignation of Ms. Garfield,
and said a successor will be announced in due course.
Severn Trent shares closed Friday at GBP18.30, valuing the
company at GBP4.37 billion.
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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