London Valley Water Names Hutton for Thames Water Chair Role

London Valley Water has named Lord John Hutton as its choice for independent chair of Thames Water if the consortium’s rescue proposals proceed, but the appointment remains conditional on the plan and required approvals. The consortium announced the designation on October 20, saying Hutton would join a proposed Thames Water board as independent chair designate. Mike McTighe was named as its proposed vice-chair. London Valley Water said Hutton would oversee a 10-year turnaround and transformation plan if the proposals are taken forward and Ofwat completes its onboarding process for directors. The announcement comes as discussions continue over the future ownership and finances of the utility, which serves about 16 million customers in London and surrounding areas. London Valley Water is a group of Thames Water creditors and investors seeking to recapitalise the company while keeping it in private ownership. The consortium has said it estimates Thames Water will need at least £10 billion in new private capital over the next few years. Thames Water has separately sought to extend emergency funding. The company said it had drawn £2.65 billion from its existing £3 billion facility...