LONDON, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Today, the London & Valley Water consortium (“L&VW”) announces that Lord John Hutton (Baron Hutton of Furness) has been selected as Independent Chair Designate of the proposed new, strengthened board of Thames Water Utilities Limited (“Thames Water”) if L&VW’s proposed acquisition and recapitalisation of Thames Water proceeds.

Subject to L&VW’s proposals and the Performance Improvement and Turnaround Plan (the “Turnaround Plan”) being taken forward, and the completion of Ofwat’s onboarding process for board directors, it is proposed that Lord Hutton would join the Thames Water board as Independent Chair, taking on responsibility for overseeing Thames Water’s 10-year turnaround and comprehensive transformation in the interest of customers, the public, and the environment, working closely with the management team.

Lord Hutton brings substantial expertise and experience in public policy, energy regulated sectors, and public-private infrastructure delivery. After leaving public office, he led the landmark 2011 Independent Public Service Pensions Commission, and subsequently chaired major industry bodies including the Nuclear Industry Association, Energy UK, and manufacturing association Make UK. He has held key board and advisory positions across the energy, defence, and infrastructure sectors, including as Chair of the Association of Infrastructure Investors, Chair of London Luton Airport, and Non-Executive Director of Scottish Power Energy Networks.

Prior to his work in public-private infrastructure, Lord Hutton served as MP for Barrow and Furness from 1992 to 2010, holding several Cabinet positions under Prime Ministers Tony Blair and Gordon Brown, including Secretary of State for Work and Pensions, Secretary of State for Business, Enterprise and Regulatory Reform, and Secretary of State for Defence.

Mike McTighe, who has been leading the efforts to change Thames Water’s governance as part of the recapitalisation proposal, is announced as Vice-Chair Designate, and would work alongside Lord Hutton and the strengthened board to rebuild public trust in Thames Water. Providing expertise in engineering and a track record in complex corporate turnarounds, Mike is expected to play an active, hands-on role in the operational transformation of Thames Water, chairing the new Thames Water Turnaround Committee and working closely with the management team.

Lord Hutton, Chair Designate of Thames Water, said: “I am looking forward to being part of the new leadership at Thames Water and helping get this hugely important business into a better place.

“People living in London and the Thames Valley have the right to expect the highest possible standards of customer service and proper environmental stewardship from their water company, and that will be our focus as we look to the future.”

Mike McTighe, Vice-Chair Designate, said: “I am delighted that John has agreed to join this team of committed individuals who are ready and willing to apply full dedication to transforming Thames Water’s infrastructure and building a culture in which the customers and local communities come first.

“Thames Water provides the most essential public service, and it is critical that we create a strong public-private partnership to rebuild trust with the customers and public.

“We will serve in the public interest and focus relentlessly on investing for the long term, protecting public health and safety, improving the local environment, ensuring what people pay for their water is fair, supporting the most vulnerable, and always being accountable for what we do.”

Notes to editors:

Transforming Thames Water for its 16 million customers and the local communities it serves will require at least £10 billion of new, committed private capital over the next few years and a Turnaround Plan to fix the root cause of Thames Water’s complex problems.
To ensure that Thames Water can rebuild public trust the new investors will commit not to take any dividends whilst Thames Water is in turnaround or until it is returned to the public markets (if earlier), so that profits are reinvested in the business and assets in support of the turnaround.
Under the L&VW proposal, Thames Water will be run like a PLC, based on public company principles, from day one, with the ambition to return the company to public markets through a listing on the London Stock Exchange once the turnaround has taken effect.
All governance arrangements will be compliant with Ofwat’s current 2019 board, leadership, transparency and governance principles.
Strengthening the board of Thames Water is the first step in the transformation and a number of experienced senior individuals have already been identified as prospective board members to help drive delivery of the Turnaround Plan.
The initial candidates identified will be joined by additional non-executive directors, with further searches ongoing and due to continue in the months ahead.
Implementation of the L&VW proposal is dependent on Ofwat’s support and a new capital structure being implemented through a court-sanctioned restructuring plan under Part 26A of the Companies Act 2006 (or a Part 26 scheme of arrangement if feasible).

Media contact:

Niamh Fogarty, Hanbury Strategy
+44 7946 813843
niamh.fogarty@hanburystrategy.com

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