Severn Trent Chief Exec ditch shares to cover liabilities

Tony Wray, the Chief Executive Officer of Severn Trent, the FTSE 100 utility provider which serves eight million customers, has ditched 4,570 shares in the firm to cover his tax liabilities following the award of shares under a long-term incentive plan.

Wray traded the shares at 1,747p a pop, pocketing a tidy profit of £79,838 and leaving him with a total of 17,731 shares.

Only a week ago the director was forced to defend the company's decision to pay a special dividend of £150m, equal to 63p per share, despite a decline in annual profit and soaring consumer water bills.

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In a statement made on May 30th, Wray said the company had "delivered outperformance" and its shareholders "provide the capital investment for us to keep investing in our networks".

Profit before tax fell 38% to £156.7m in the year to the end of March, something the firm blamed on operational, infrastructure and employment costs.

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