15 April 2024
Bazalgette Finance Plc
NOTICE OF BOARD
CHANGES
Tideway, the company behind London's new super
sewer, is announcing changes to its Board as it prepares to start
commissioning.
Tideway announced in March that underground
construction of the Thames Tideway Tunnel had been successfully
completed, paving the way for commissioning to start later this
year ahead of full operation in 2025.
Sir Neville Simms will be stepping down in
September 2024 after nine years as the independent Chair. He will
be succeeded by independent non-executive director Michael
Queen.
Richard Morse, who has served as Deputy Chair
and Chair of the Audit and Finance Committee, will retire from the
Board in June 2024 on completion of the company's annual reporting
cycle.
Independent non-executive director
Baroness Ruby McGregor-Smith will succeed Richard Morse as Deputy
Chair and Chair of the Audit and Finance Committee.
The changes are part of the company's planned
transition.
Sir Neville Simms said: "With
Tideway's underground construction phase complete, this is the
right time for me to step down. It has been a privilege to have
been involved from the very beginning and to see the build phase
come to an end.
"A key feature of Tideway's success
has been the innovative funding model, which encourages long-term
private sector investment in infrastructure. This is proving to be
a model that delivers major benefits and is one of the key legacies
of Tideway for future UK infrastructure."
"Richard Morse has played an
invaluable role at Tideway. As Deputy Chair and Chair of the Audit
and Finance Committee he has provided critical oversight of several
areas, including our successful financing programme. I would like
to thank him for his substantial contribution and his personal
support for me; and wish him the very best for the
future."
Sir Neville further commented: "The
appointments of Michael Queen and Baroness McGregor-Smith as Chair
and Deputy Chair provide a high level of continuity through this
planned transition. I wish them and the entire Tideway team every
success as the company evolves, and as the infrastructure starts to
do its critical job of protecting the River Thames."
Michael Queen as Chair Designate, said: "I am
delighted to be entrusted, as Chair of Tideway, with taking this
critical national infrastructure project through to the next stage
of its development. Not only will Tideway have a dramatic impact on
the water quality of the Thames, but it also serves as a model for
future infrastructure delivery, in terms of environmental impact,
construction safety standards and genuine partnership between the
public and private sectors."
Notes:
Tideway is the company building the
25km Thames Tideway Tunnel, which will tackle sewage pollution of
the tidal River Thames. Commissioning of the new infrastructure is
due to start later this year (2024) and it is due to be fully
operational in 2025.
www.tideway.london
For further information, please
contact:
investor.relations@tideway.london
press@tideway.london
Taylor Geall
07813 450 682
Bazalgette Finance plc
Blue Fin Building,
110 Southwark Street
London,
SE1 0SU