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CFO Alastair Cochran steps down by end March

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He has been in post for over 3 years

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Next few months crucial

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Company aiming to raise new equity by end June

(Adds background throughout, comments from statement in

paragraphs 5-6)

By Sarah Young

LONDON, March 28 - Thames Water, Britain's biggest water

supplier, said its chief financial officer Alastair Cochran

would leave within days, an abrupt change at the top of the

utility as it battles to avoid financial collapse.

Thames Water, a poster child for Britain's broken water

sector which has polluted rivers with sewage, has been on the

brink of needing a state rescue since last year. To survive

beyond 2026, it needs 3 billion pounds ($3.9 billion) of new

equity and to restructure its debts.

The company said in a statement on Friday that Cochran would

step down at the end of March 2025, after 3-1/2 years in the

role. Director of Group Finance, Stuart Thom, will act as

interim CFO while it seeks a permanent replacement.

Cochran's departure comes during a crucial few months for

Thames Water as it tries to attract new investors to plough in

enough equity to secure its finances in the longer term.

Chief Executive Chris Weston thanked Cochran in the

statement and paid tribute to his capabilities, saying he was

"pivotal" in the recent process to secure a debt lifeline.

Chairman Adrian Montague said: "He has led the work to put

Thames Water's finances on a more stable footing ... laying the

foundations for the wholesale recapitalisation of the business."

Thames Water said in mid-March that it was assessing

proposals from six parties for new equity and was aiming to

agree a deal in the second quarter of this year, after a court

approved a 3 billion pound lifeline loan to tide it over.

Thames Water, which has 16 million customers in London and

southern England, was already in turnaround mode when Cochran

joined in September 2021.

The company has amassed an 18 billion pound debt pile and

environmentalists have criticised it for prioritising dividends

over the years while under investing in upgrading pipes and

pumping stations.

($1 = 0.7717 pounds)