- Water utility Severn Trent said chairman Andrew Duff had decided to stand down, with his departure date to be timed when a successor was found.

Duff has been chairman since 10 May 2010.

'As we prepare to implement our new business plan, following selection as one of only three companies awarded fast track status by Ofwat, I believe this is the right moment to step down and allow a new chair to lead the board into this important next phase for Severn Trent,' he said.

Severn Trent said its nominations committee was in the initial stages of succession planning.

Duff would stand for re-election at the company's forthcoming AGM on 17 July.

'In order to facilitate an effective succession plan, it is intended that he remains as chairman until the announcement and induction of his successor,' the company said.

At 1:09pm: [LON:SVT] Severn Trent PLC share price was -19.5p at 1984.5p

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