Chief executive of Welsh Water, Chris Jones, has announced he is to retire.
Along with Nigel Annett, he established not-for-profit company Glas Cymru, for the sole purpose of acquiring debt ridden Welsh Water from Western Power Distribution in 2001.
WPD held ownership of Welsh Water for a short period after coming through a bidding war with Nomura to acquire what was listed utilities group Hyder, which as well as Welsh Water also owned electricity supply and distribution firm Swalec.
In one of the boldest and most imaginative utility sector refinancing deals, Mr Jones and Mr Annett, who were directors of Welsh Water under Hyder ownership, put the acquired business on a sound footing after raising £1.9bn in long-term bonds.
Welsh Water, under the not-for-profit Glas Cymru ownership model, which unlike other water companies in England have no dividend seeking shareholders, has continued to use bond markets, at low interest rates.
It also reinvests profits back into the business, which employs more than 3,000 across Wales and in its financial year 2017-18 generated revenues of £757m.
Mr Jones said :“ I am proud of what we have achieved since Nigel Annett and I first launched our unique, not-for-profit company back in April 2000.
"We have created a clear corporate purpose and vision, with a strong and well-embedded culture of customer-led success. To date, customers have benefitted to the tune of around £450m – money that in other companies would have gone to shareholders.
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“I would like to give my most sincere thanks to all my colleagues for the great support that they have given me over the last six years. I am sure that the business will continue to do an even better job for its customers in the future, given the highly skilled and very committed people who work for Welsh Water.
"This could not have been better demonstrated than in the heroic response of my colleagues in the face of the unprecedented weather challenges throughout 2018 to maintain service to customers and to protect our environment.”
Mr Lyons said: “ Few people can justifiably claim to have been instrumental in forging a unique business model and a culture that inspires those who work with, and are customers of the business.
Glas owes Chris a great debt and he can be rightly proud to be chief executive of a company that has amongst the very highest levels of customer satisfaction and perception of value for money.
“We are equally extremely fortunate to have someone of Pete Perry’s experience and capability to succeed Chris when he retires next April."
Mr Parry said: " I am absolutely honoured to be taking on the role. It is a privilege to have the opportunity to build on Chris’ excellent work as CEO. We have a great team of people in the organisation and I look forward to leading the business to achieve our main priorities of further improving service to our customers and protecting the environment.
"With our unique ‘not for shareholder’ structure which creates a business ethos entirely focused on serving our customers and communities, we are well placed to face up to the big challenges of the future such as climate change and meeting the increasing expectations of our customers.”