SSE finance chief named new Thames Water CFO

THAMES WATER has poached SSE’s head of finance Brandon Rennet to replace CFO Stuart Siddall who is to retire next year.

Accountant Rennet (pictured), who has worked in the power sector for 14 years, will take over as the water company’s finance chief in March 2017.

The incoming CFO joins Thames Water at a time of significant change in the industry, as the competitive market opens up to all non-household customers from April, along with other regulatory changes.

Rennet, aged 43, has worked for energy company SSE since February 2007 where he has held a number of senior finance roles before being appointed managing director of finance in July 2013.

His main achievements at SSE include leading the execution of more than £7bn of funding, primarily  in the public debt capital markets, and driving its finance transformation programme.

His earlier career included finance roles in Edinburgh, London, Philadelphia and Toronto for companies including PwC, HSBC, and British Energy.

Rennet said: “I’m delighted to join Thames Water and proud to be given the opportunity to make a difference to a company that is so important to the economy of the region, is steeped in such history and that so many customers depend on every day.”

Thames Water is the UK’s largest water and wastewater services provider, serving London and the Thames Valley, with the industry’s biggest investment programme. Between 2015 and 2020, it plans to invest £4bn in its infrastructure, to improve our customer service and make the network and delivery of essential services more resilient.