American Water President and Chief Executive Officer Jeff Sterba Plans May 2014 Retirement; Chief Financial Officer Susan N. Story to Become CEO May 2014
VOORHEES, N.J.--(BUSINESS WIRE)--
American Water Works Company Inc. (NYSE: AWK), the largest publicly
traded U.S. water and wastewater utility company, has announced that
Jeff Sterba will retire from his role as president and chief executive
officer of American Water at the Company's annual meeting, scheduled for
May 9, 2014. At that time, American Water's current senior vice
president and chief financial officer Susan N. Story will succeed Sterba
as president and CEO. Sterba will stay on as an advisor to Story to
ensure a smooth transition until January 1, 2015.
American Water President and CEO Jeff Sterba will retire from his position in May 2014. (Photo: Business Wire)
"I am so proud of what the American Water employees have achieved in the
past few years," said Jeff Sterba, president and CEO of American Water.
"With a clear and well established vision, we have and will continue to
execute our strategy. The leadership team at American Water has created
a company where continuous improvement is fully ingrained into our
culture, customers are at the center of our actions and increasing
shareholder value has and will be the result. While I will miss the
committed and dedicated people of American Water, I know I will leave
the company in incredibly capable hands, ensuring a pathway for
sustainable and profitable growth."
Sterba joined American Water as CEO in 2010. Under his leadership, the
company delivered solid earnings per share growth more than doubling its
equity share price and market capitalization, while strengthening its
balance sheet with increases in revenues, net margin, and cash flow. At
the same time, the company achieved its O&M efficiency rate goal through
effective cost management and increased efficiencies. American Water
also established its portfolio optimization strategy and grew both its
regulated and market-based businesses. During Sterba's tenure, American
Water became the first U.S. water utility named to the Dow Jones
Sustainability North America Index.
Beyond his achievements at American Water, Sterba also became a thought
leader in the water industry, testifying before Congress numerous times
as well as helping to launch the Value of Water Coalition, a coalition
made up of both public and private members of the water industry working
to educate the public on the importance of clean, safe, and reliable
"Jeff has been a consummate leader since taking over the helm at
American Water in 2010," said George MacKenzie, Chairman of American
Water's Board of Directors. "Under his direction, the company has
achieved year-over-year growth, expanded its services and territories,
become more efficient and effective, and, most importantly, delivered
excellent service to customers. The entire board thanks him for
positioning American Water for long-term success."
"The Board is also very pleased that Susan Story will become American
Water's next leader," MacKenzie continued. "Susan has more than 30 years
of utility experience and knowledge and we are confident that under her
direction, American Water will continue to deliver the solid performance
its customers, employees and shareholders have come to expect."
Story is currently American Water's senior vice president and chief
financial officer. American Water expects to name Story's CFO successor
prior to May 2014.
"American Water is a remarkable company. Our employees are dedicated to
providing clean, safe, reliable and affordable water; to the highest
levels of customer service; and to the effective stewardship of our
environment. Our company is built on integrity and committed to
financial fundamentals that serve the best interest of our customers,
employees, shareholders and communities," said Story. "It is an honor
and a privilege to be part of this top-notch leadership team and these
highly committed employees. We look forward to carrying on the tradition
of excellence and outstanding performance that Jeff Sterba established
during his time leading this great company."
Before joining American Water, Story served as executive vice
president of Southern Company, one of America's largest generators of
electricity serving both regulated and competitive markets across the
southeastern United States. In that role she was also president and CEO
of Southern Company Services, providing a wide array of shared services
across the company's geographic footprint.
A seasoned utility executive, Story also served as president and CEO of
Gulf Power Company, a Florida subsidiary of Southern Company, and as
Southern Company's executive vice president of Engineering
and Construction Services. Story began her career at Southern Company as
a nuclear power plant engineer and had increasing executive and
leadership responsibilities in both power plant and T&D operations,
marketing, customer service, human resources, corporate real estate
and supply chain management.
Story has a history of active involvement in community, industry,
education and economic development efforts. She currently serves on the
Bipartisan Policy Center Board of Directors in Washington, D.C. and as a
member of the Moffitt Cancer Center Board of Advisors in Tampa, Fla. She
was recently the national chairman for the Center for Energy Workforce
Development (CEWD) and served on the boards of the National Renewable
Energy Laboratory (NREL) and the Alliance to Save Energy (ASE). In her
time in Florida, she was a member of the Florida Board of Education,
appointed to the Federal Judicial Nominating Commission, appointed chair
of the state's economic development public-private partnership, and was
an appointee to the Tax and Budget Reform Commission, required every 20
years by the Florida Constitution.
Story is an independent director of Raymond James Financial (RJF),
having served on the board since 2008.
She attended executive education programs at Duke University and Oxford
University, and completed international business studies at Cambridge
University and leadership studies at Harvard. She earned a bachelor's
degree in industrial engineering from Auburn University and an MBA from
the University of Alabama in Birmingham. She completed additional
post-graduate coursework in the Master of Finance program at the
University of Alabama focusing in financial derivatives, and at the
Birmingham School of Law focusing on torts and contracts.
About American Water
Founded in 1886, American Water is the largest publicly traded U.S.
water and wastewater utility company. With headquarters in Voorhees,
N.J., the company employs approximately 6,700 dedicated professionals
who provide drinking water, wastewater and other related services to an
estimated 14 million people in more than 30 states and parts of Canada.
More information can be found by visiting www.amwater.com.
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American Water Works Company, Inc.
President, Investor Relations
Vice President, Communications
Source: American Water Works Company, Inc.
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