American Water Chief Financial Officer to Retire During First Half of 2013
VOORHEES, N.J.--(BUSINESS WIRE)-- American Water Works Company Inc. (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility company, today announced Senior Vice President and Chief Financial Officer Ellen Wolf plans to retire during the first half of 2013, following the appointment of her successor and an orderly transition of the function.
"It is with mixed emotion that American Water makes this announcement today because Ellen has played such a pivotal role in American Water's history," said Jeff Sterba, president and CEO of American Water. "From leading the company's compliance efforts as it prepared for what was the second largest initial public offering (IPO) in 2008 to directing and coordinating our financial objectives and obligations that strengthened our balance sheet, Ellen has benefited American Water through her commitment, expertise and leadership. I have long been impressed by her high ethical and performance standards. She will be missed and I thank her for everything she has done for this company and for her commitment to remain with American Water until after a successor is chosen and a smooth transition has taken place." A search has been initiated for her successor.
Wolf has served as the company's CFO for a combined 12 years. Beyond leading the finance function for the largest investor-owned water and wastewater service provider, Wolf is noted for serving on several boards including Airgas Inc. and the Philadelphia Zoo. She is also a former board member and active volunteer for Water For People. She was named the "2009 CFO of the Year" by the Philadelphia Business Journal, was a recipient of the "50 Key Women in Energy Awards" and was recognized by South Jersey Magazine as one of South Jersey's "Top Business Women."
"This was not an easy decision for me," said Wolf. "It is inspiring to be part of a company that delivers such a vital service every day, with employees whose commitment is unmatched. But after helping to lead this company through an IPO, seeing it deliver strong results year over year and successfully transitioning our financial reporting systems to SAP last year, it is a good time to make this change. It has been such a rewarding experience and I will truly miss the many people I have had the pleasure of working with during my years at American Water."
Wolf plans to enjoy her retirement with her husband, Richard Harris, a professor of political science at Rutgers University, and the rest of her family. She also intends to continue her work on public and private boards.
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 more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in more than 30 states and parts of Canada.
Cautionary Statement Concerning Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the Company's current expectations and assumptions regarding future events, including the period of Ms. Wolf's continued service to the Company, and certain tasks to be performed by Ms. Wolf during that period. Actual results could differ materially from those anticipated in the forward-looking statements due to a number of factors, including the time necessary to identify and hire a new chief financial officer and any subsequent determination by Ms. Wolf to retire at an earlier time than indicated in this report.
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Source: American Water Works Company Inc.
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