Boss who’s raked in £12m in 5 years
THE head of the firm imposing the hosepipe ban has profited from a £12million pay package over the past five years.
Steve Mogford, 62, is the country’s second highest paid water company boss, pocketing £2.3million in 2017, according to research published last month by the GMB union.
Water firms have been criticised for rewarding themselves and shareholders while failing to do enough to tackle leaks.
And, while millions of ordinary workers have endured pay freezes, Mr Mogford has seen his pay rise by 9 per cent at United Utilities since 2013.
The £12million figure, revealed by the union’s research, includes salary, bonuses, pensions and benefits.
In January Mr Mogford expanded his bank balance even further when he sold £1.7million of company shares. Despite this he remains the largest noninstitutional shareholder in United.
Mr Mogford, who lives in Chorley, Lancashire, has led the highly-profitable water firm for seven years. In May United announced
an increase in total revenue to £1.73billion and a reported profit after tax of £35 million.
Announcing the firm’s latest financial results, Mr Mogford pledged: ‘We continue to put customers first. We will build on the trust our customers place in us to provide an outstanding service, invest wisely and efficiently, driving further innovation and creating value for all our stakeholders.’
Mr Mogford has a science background and worked for British Aerospace for many years. He switched to an Italian defence company before moving to United Utilities in 2011.