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Thames Water pays $1.35 million golden handshake to CFO

The utility said the payment to Steve Buck was made at the end of July from an emergency lending facility and described it as an incentive tied to his April 2025 appointment.

Reported · Written up by our desk · Europe

Thames Water has made a delayed “golden handshake” payment of 1 million pounds, equivalent to about US$1.35 million, to its chief financial officer, Steve Buck, according to a letter submitted to the UK Environmental, Food and Rural Affairs Committee. The payment was disclosed by Thames Water chairman Adrian Montague.

The company said the signing-on payment was made at the end of July from an emergency lending facility provided by creditors, and that it was initially deferred when wider retention payments were put on hold. Montague characterized the payout as a “necessary incentive” related to Buck’s joining when he was appointed in April 2025.

Thames Water also told the committee it has agreed individual settlements over retention payments for a dozen top bosses, plus two former executives who have left the business, despite public controversy that erupted late last year. The utility is also described as being in financial distress, with a debt pile of more than 20 billion pounds.

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