Utility firm is losing its finance chief

United Utilities

Water company United Utilities has announced the departure of its chief operating officer.

Steve Fraser is leaving after more than 14 years with the Warrington based company.

Mr Fraser is leaving the utility company to assume the chief executive role at gas distribution network Cadent Gas Ltd.

He will leave United Utilities later in 2019, on a date to be confirmed.

Chief executive Steve Mogford said: “I would like to thank Steve for the significant contribution he has made to the operational progress we have made and for developing a strong and talented leadership team beneath him.

“He leaves us at a time when we are finishing this current five year regulatory period in a strong position and are well placed for the next, having received fast track status in Ofwat’s assessment of our 2020-2025 business plan.”

Shares in United Utilities were trading marginally higher at 824.00 pence each on Friday following the announcement.