Troubled Thames Water hires former Centrica boss in a pay deal worth £2.3 million

The former British Gas executive Chris Weston has been hired by Thames Water in a pay deal worth £2.3 million.

The troubled water company is under pressure over their financial problems along with their poor performance.

Should Weston succeed to turn around Thames Water he will receive a sizeable pay package, the company has said that he will be paid £850,000 a year, with a pension and benefits worth £117,000 and a potential £1.3 million in performance related bonuses.

Thames Water chairman Sir Adrian Montague said that Weston has a “proven track record working in regulated environments, turning round business performance and improving customer experience.”

“He brings strong operational and strategic expertise as we enter this crucial period of delivering our refocused turnaround plan and providing the service that customers rightly expect of us,” he added.

Weston said: “I recognise that this business is critical to both society and the UK and how important it is that we restore confidence in our operations and financial position.”

A spokesman for regulator Ofwat said: “We have clearly set out our expectations for performance-related executive pay.

“Where they are not met, we will intervene to protect customers from paying for these bonuses.”