American Water Works Company Inc. 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: Busi ...
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 water.
“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.
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