(Adds outgoing chairman’s quote, FRC’s revised corporate code)
May 7 (Reuters) - Water utility Severn Trent said on Tuesday Chairman Andrew Duff would step down after nine years in the role.
The departure comes at a time when the company is preparing to implement its new business plan after being awarded Fast Track status by Britain’s water industry regulator Ofwat.
The departure falls in line with the Financial Reporting Council’s (FRC) revised corporate code that came into effect in January, requiring public companies to explain if a board chair has remained unchanged for more than nine years.
Duff will be standing for re-election at its annual meeting on July 17, the company said.
Ofwat said earlier this year it agreed reductions in bills of between 5 percent and 15 percent with three of the country’s main utilities including Severn Trent.
Severn Trent, which supplies water across the Midlands region, said it had started to look for Duff’s successor and that he intended to remain in the role until the induction of a new chairman. (Reporting by Tanishaa Nadkar in Bengaluru; editing by Gopakumar Warrier)