South West Water owner says boss forgoes bonuses as new chairman named
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 10 2024
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Should l Buy ?
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.
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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.
