South West Water owner says boss forgoes bonuses as new chairman named
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 10 2024
0mins
Source: Yahoo Finance
- Pennon Chief Executive Pay: Susan Davy, the chief executive of Pennon, saw her pay package decrease by 64% in 2023-24 to £543,000 after forgoing bonuses.
- Company Response to Water Contamination Crisis: Pennon faced criticism due to a water contamination crisis in Devon, leading to compensation payouts of around £3.5 million to affected customers.
- Appointment of New Chairman: David Sproul, a former top boss at Deloitte, was named as the incoming chairman of Pennon, replacing Gill Rider.
- Changes in Bonus Scheme: Pennon announced changes to its annual bonus scheme for top executives, with a focus on linking payouts more closely to performance for customers and the environment.
- Future Plans and Reviews: The company pledged to overhaul future pay plans, considering strategic priorities and best practice guidance, and will engage with investors and stakeholders for input.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
