Ofwat CEO Resigns Amid Regulator's Planned Abolition

David Black, chief executive of Ofwat, has announced his resignation effective at the end of August as the UK water regulator faces abolition. The move follows a government-commissioned review by Sir Jon Cunliffe, which cited systemic failings and Ofwat's inability to prevent poor financial decisions in the water sector, particularly highlighted by the crisis at Thames Water. Public outrage over rising water bills, environmental damage, and executive bonuses has fueled calls for regulatory reform. The government plans to replace Ofwat with a more powerful regulator, though the transition may extend beyond 2027 due to its complexity. An interim successor will be appointed as Ofwat's leadership remains under scrutiny. Black emphasized the achievements of his tenure, including a £104 billion investment programme, but the overhaul reflects widespread dissatisfaction with the current system.