UK utility Thames Water CEO to step down


Adds details on renationalisation, details on CEO

May 24 (Reuters) - Thames Water, one of the biggest U.K. water companies, said on Friday its Chief Executive Officer Steve Robertson will step down with immediate effect.

Robertson's departure comes in the wake of the Labour Party's plans to renationalise energy networks.

Water utility companies, including United Utilities UU.L and Severn Trent SVT.L, have warned of possible effects renationalisation could have on their profits.

Last week, the head of electricity and gas utility company National Grid NG.L criticised Labour plans to renationalise energy networks, saying it would increase costs for consumers and could prompt legal challenges.

Thames Water said a search for a new CEO is under way and it would appoint Ian Marchant as executive chairman in the interim.

The company was not immediately available for comment.

Robertson, who has held the top job at Thames since September 2016, will remain an employee until June 30 to help with the transition, the company said.

Reasons for Robertson's departure were not immediately known.

(Reporting by Samantha Machado in Bengaluru; Editing by Arun Koyyur and Shinjini Ganguli)

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