30
Oct
Yorkshire Water chief executive Nicola Shaw resigns after performance downgraded
Nicola Shaw has resigned as chief executive of Yorkshire Water, the day after the company’s performance was downgraded to one star.
She will be replaced after four-and-a-half years at the helm by Nicola Medalova, who will join on 2 November 2 as CEO designate.
Ms Shaw’s £1,392,000 earnings have attracted controversy at a time when water bills have increased and Yorkshire Water’s performance has worsened.
She is paid £732,000 by Yorkshire Water and also receives an additional payment of £660,000 from Yorkshire Water parent company Kelda Holdings.
Ms Shaw said she would depart with the “business on a stronger footing for delivery across all aspects of its work”.
Yorkshire Water announced the news in a statement today (October 30), which said Ms Shaw will continue to lead the business “during a structured handover period” until January 1.
Ms Shaw said:
These jobs are challenging but fulfilling and I am especially grateful for the dedication and commitment of colleagues at all levels throughout the business across this county — thank you all. This now feels like the right time to begin an orderly transition to the company’s next chapter. I know Nicola Medalova will do an outstanding job leading the company and I look forward to working closely with her over the coming months to ensure a seamless handover.
Nicola Medalova
‘Huge challenges’
Ms Medalova joins from National Grid where she was most recently chief of staff to the group chief executive. She was previously, chief operating officer of National Grid New England in the United States.
She has also been a non-executive director of Yorkshire Water.
She said:
Yorkshire Water faces huge challenges but also great opportunities for continued improvement and I look forward to working with Nicola Shaw, the leadership team and colleagues across the business as I get up to speed.. My immediate priority will be to listen and learn, while maintaining a relentless focus on delivery. Yorkshire Water will ultimately be judged by what it delivers for customers, communities and the environment, and I’m excited about the opportunity to help shape its future.
Jon Lewis, chair of Yorkshire Water, said:
Under her (Ms Shaw’s) leadership, the company secured £500m of new shareholder equity, with a further £600m committed, enabling us to embark on the largest investment programme in our history and accelerate work to strengthen the resilience of Yorkshire’s water network. She leaves the business with strong foundations for the next phase of investment and improvement.
We are delighted that Nicola Medalova will become our next Chief Executive. She is an accomplished and inspiring leader, with deep operational experience and a strong track record of delivering major capital programmes in complex environments.
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