Thames Water Gets New Chair for Turnaround Efforts

LONDON, Oct. 20, 2026 /CourierPR/ -- Lord John Hutton (Baron Hutton of Furness) has been selected as the Independent Chair Designate for Thames Water Utilities Limited, a move that aims to oversee the company’s 10-year turnaround and comprehensive transformation. This development comes as part of the London & Valley Water consortium’s (L&VW) proposed acquisition and recapitalisation of Thames Water, which seeks to improve the company’s governance and service delivery.

Hutton, known for his extensive experience in public policy and the regulated sectors, brings a wealth of expertise to the role. After leaving public office, he led the Independent Public Service Pensions Commission in 2011, a landmark event that significantly shaped public service pension policies. He has also chaired major industry bodies such as the Nuclear Industry Association, Energy UK, and Make UK, and held key board and advisory positions in sectors including energy, defence, and infrastructure. His roles include serving as Chair of the Association of Infrastructure Investors, Chair of London Luton Airport, and Non-Executive Director of Scottish Power Energy Networks.

Mike McTighe, who has been leading the efforts to change Thames Water’s governance as part of the recapitalisation proposal, has been announced as Vice-Chair Designate. McTighe, with his engineering background and track record in complex corporate turnarounds, is expected to play an active role in the operational transformation of Thames Water. He will chair the new Thames Water Turnaround Committee and work closely with the management team to rebuild public trust in the company.

The transformation of Thames Water is critical for its 16 million customers and the local communities it serves. The company will require at least £10 billion of new, committed private capital over the next few years to address its complex problems. Under the L&VW proposal, Thames Water will be run like a public limited company (PLC), based on public company principles from day one. The company aims to return to public markets through a listing on the London Stock Exchange once the turnaround has taken effect.

To ensure that Thames Water can rebuild public trust, the new investors have committed not to take any dividends while the company is in turnaround or until it is returned to the public markets, with profits to be reinvested in the business and assets. The strengthened board of Thames Water is the first step in the transformation, with additional non-executive directors to be identified and appointed in the coming months.

The implementation of the L&VW proposal is dependent on Ofwat’s support and a court-sanctioned restructuring plan under Part 26A of the Companies Act 2006 (or a Part 26 scheme of arrangement if feasible). The new governance arrangements will be compliant with Ofwat’s current 2019 board, leadership, transparency, and governance principles.