BT Group is scouring for a new finance chief to succeed the veteran executive who joined the FTSE-100 telecoms company nearly a decade ago.
Sir Jon Cunliffe's review of the water sector is comprehensive, clear-eyed, and about as radical as allowed by terms of reference that explicitly ruled out renationalisation of England's private water and sewage companies.
With that key demand of many campaigners off the table, the former Bank of England deputy governor has focused on more effective regulation and securing a better deal for consumers and the investors without whom the industry will sink.
So Ofwat, the embattled current regulator, is to be swept away on the tide of public anger at sewage outflows and shareholder dividends, and the disgruntlement of all its stakeholders.
Money blog: Funeral director on why she speaks to dead people
Please use Chrome browser for a more accessible video player
Having succeeded in its primary aim of keeping consumer bills down, it is now a victim of the consequences: a shortage of investment in infrastructure and a failure to apply similar rigour to shareholder dividends and executive pay.
While campaigners and customers say it has failed to hold companies to account, the companies complain they are too tightly controlled to attract investment.
Ofwat privately points out it can only apply the powers and political direction it is given - but the new government, going with the flow of angry voters, will not hesitate to pull the chain.
Compulsory water meters and regulator abolished - key recommendations from landmark report into 'broken' water industry
Labour will eliminate unauthorised sewage spillages in a decade, environment secretary says
Why aquatic life is facing a double whammy as sewage overflows spill into rivers amid heavy rain
Please use Chrome browser for a more accessible video player
The new regulator that follows will have control over environmental as well as economic standards, which has to be better than the current division between three different bodies, and may help define targets and priorities for the industry, like cutting sewage outflows in half by 2030.
But to deliver those targets, water companies need to be both sustainable and financially attractive.
Please use Chrome browser for a more accessible video player
Like it or not, that means paying a return to investors, a fact that Sir Jon, a veteran of the financial crisis, does not attempt to hide.
Read more from Sky News:
Police search for missing woman last seen at petrol station
One of UK's busiest train stations issues 'do not travel' warning
Follow our channel and never miss an update
Be the first to get Breaking News
Install the Sky News app for free
So while there will be tougher powers to vet and even block potential company owners, he wants to create a low-risk, low-return environment for investors who currently see better returns elsewhere without any of the political and public heat that comes with water.
