Homepage  |   E-mail this article  |   Print

---

Philip Green, chief executive, United Utilities

---

Advertisement

7:37 am, May 24, 2010
Reports that chief will quit are 'speculation', says UU

United Utilities (LSE: UU.) has described reported that chief executive Philip Green may step down before the end of the year as "speculation".

The Daily Telegraph reported on Saturday that Green Mr Green was "understood to be planning his departure" after four years at the helm.

He is in line for 100,000 free shares when he reaches five years of service, as the Warrington-based utility is obliged will match a share purchase he made with £650,000 of his own money when he joined.

Green, who was previously with P&O Nedlloyd, has overseen a series of disposals over the past two years which are returning the business to being a pure water company from a diversified utility.

UU' s shares rose 5p to 531.5p on Friday, despite a 10 per cent fall in pre-tax profit, after the company revealed it had cut 7 per cent of its water business workforce to prepare for a tough price regime over the next five years. A total of 500 full time jobs went in the year to March.

A UU spokesman said of the report: “This is speculation."

Comments?manchesternews@crain.com