The chairman of Thames Water’s parent company has quit after less than a year.
City veteran Adrian Montague has stepped down from running Kemble Water amid mounting questions over dividend payments.
He was appointed chairman of both Thames and Kemble Water in June to sort out the utility firm’s finances two days after the abrupt resignation of Sarah Bentley as chief executive.
At the time, Thames, which supplies water to millions of customers across London and south-east England, almost buckled under its £15billion debt pile and officials considered taking it into special administration.
Montague’s resignation comes as industry regulator Ofwat probes a £37.5m payout which Thames Water made to Kemble in October.
Quit: City veteran Adrian Montague has stepped down from running Kemble Water amid mounting questions over dividend payments
The watchdog is investigating whether the dividend payment has broken the rules.
Shareholder payouts are supposed to be linked to performance targets.
Montague remains as chairman and director of Thames Water Utility Limited.
