Aqua America, Inc. (NYSE: WTR) announced today that at the request of
the company’s Board of Director’s, its Chairman and CEO Nicholas
DeBenedictis has entered into an Employment Agreement under which he
will continue as the company’s CEO for three years through January 31,
2013.
"When the Board extended me an offer to remain as CEO for another three
years, I accepted enthusiastically,” said DeBenedictis who joined the
company as CEO in July 1992 and was named chairman in May 1993.
Aqua America’s Corporate Governance Committee Chairman Richard H.
Glanton said the Board is extremely delighted that DeBenedictis has
agreed to remain as the leader of Aqua’s management team for the next
three years. "Mr. DeBenedictis’ performance has been extraordinary at
Aqua, allowing the company to experience unprecedented growth in an
extremely competitive regulatory environment over the past 17 years,”
said Glanton. He has not only distinguished himself as an exemplary
business leader in the Commonwealth of Pennsylvania, but also as one of
the leading executives of the water industry in America. When you
consider all that has been accomplished under his exemplary leadership,
you can’t help but be excited and optimistic about the company’s future
and prospects for years to come.”
When DeBenedictis joined the company, then Philadelphia Suburban
Corporation, in 1992, it had just one operating utility—Philadelphia
Suburban Water Company—providing drinking water to 237,000 customers in
four Pennsylvania counties outside Philadelphia. Its annual revenues
were $88.6 million and its market capitalization was $126 million. Since
that time, DeBenedictis developed and executed a
growth-through-acquisition strategy that has expanded its customer base
to approximately 1 million customers in 14 states, with annual revenue
exceeding $650 million and a market capitalization of approximately $2.3
billion. A shareholder of Aqua at year-end 1991 would have realized a
total return of more than 1,000 percent at year-end 2009. During the
same period, the company increased the dividend 19 times and split the
stock six times.
"I am honored by the Board’s confidence in the direction the Aqua
management team is taking the company,” said DeBenedictis. "I am excited
about the growth opportunities ahead for what I believe is the best
managed, most financially sound and most efficient and fastest-growing
U.S. water utility. I share the credit for these accomplishments with an
excellent management team and one of the hardest working and most
committed workforces in the country. I look forward to working for what
I consider the best U.S. water company.”
Aqua America, Inc. is a U.S.-based publicly traded water and wastewater
utility holding company, serving approximately three
million
residents in Pennsylvania, New York, Ohio, North Carolina, Illinois,
Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, South
Carolina and Georgia. Aqua America is listed on both the New York and
Philadelphia Stock Exchanges under the ticker symbol WTR.
WTRG
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the duration of Mr. DeBenedictis’ future service as CEO, the
company’s future and prospects, as well as growth opportunities. There
are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements including: general economic business conditions; housing and
customer growth trends; unfavorable weather conditions; the success of
certain cost containment initiatives; the extent to which rate increase
requests are granted and the timing of rate awards; changes in
regulations or regulatory treatment; availability and the cost of
capital; disruptions in the credit markets; the success of growth
initiatives; and other factors discussed in our Annual Report on Form
10-K for the fiscal year ended December 31, 2008, which is on file with
the SEC. We undertake no obligation to publicly update or revise any
forward-looking statement.
Our historical performance may not be indicative of performance to be
expected in the future.
