Philip Green ‘could leave UU this week’

UNITED Utilities’ chief Philip Green could leave the firm this week after successfully selling off most of its non-core assets, according to newspaper reports.

The Sunday Times reported that Mr Green’s resignation could be announced on Wednesday when the region’s only FTSE 100 company reports its half-year figures to the City.

The newspaper said said that a five-year bonus dceal signed when he became chief executive in December 2005, linked to a plan to doispose of non-core assets, is likely to net him a substantial bonus payment.

Since joining the Warrington-based company Mr Green has turned it from a mini-conglomerate with interests in various utilities and metering businesses into a standalone water and sewerage company, initially selling off its electricity business in a £1.5bn deal.

Within the past 18 months, the firm has raised a further £600m through the sale of  non-regulated, “non-core” assets.

Meanwhile, The Guardian has said speculation is mounting in the City that the slimmed-down firm could become a target for private equity investors.

United Utilities declined to comment on the reports this morning.