Tag Archives: Jeff Sterba

Business, Finance, Occupation & Industry

American Water Appoints Paul J. Evanson as New Independent Member to Board of Directors

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By Business Wirevia The Motley Fool

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American Water Appoints Paul J. Evanson as New Independent Member to Board of Directors

VOORHEES, N.J.–(BUSINESS WIRE)– American Water Works Company, Inc. (NYS: AWK) , the largest publicly traded U.S. water and wastewater utility company, today announced that Paul J. Evanson has been appointed as an independent member of the company’s board of directors effective March 21, 2013.

“American Water is pleased to have Mr. Evanson join our board of directors,” said George MacKenzie, chairman of the board of American Water. “Mr. Evanson has extensive experience in the utility industry and he is an excellent addition to our board.”

American Water‘s board of directors now consists of nine members.

“I have had the privilege of knowing Paul for many years and long admired his approach to tackling challenging situations, in particular those dealing with strategic planning, finance and risk management,” said Jeff Sterba, president and CEO of American Water. “As the CEO of Allegheny Energy, Paul transformed a struggling company into a successful, and profitable, enterprise within a few years. His proven track record as a leader will add significant value to American Water and further strengthen our board.”

Evanson served as chairman, CEO and president of Allegheny Energy, Inc. from 2003 to 2011. The company provided utility services in four mid-Atlantic states until its merger with FirstEnergy Corp in February 2011. Following the merger, Evanson served as executive vice chair of FirstEnergy until his retirement in May 2011.

From 1995 to 2003, Evanson was president of Florida Power & Light Co., the principal subsidiary of FPL Group, Inc., and a director of FPL Group Inc. He also was the president and chief operating officer of the Lynch Corp., a diversified entrepreneurial company focused on telecommunications. Evanson also held leadership positions with Moore McCormack Resources and Arthur Andersen & Co.

Evanson currently serves on the St. John’s University board of trustees, the Columbia Law School Dean’s Council, and the Westmoreland Museum of American Art board of trustees. He also served as a director of the Edison Electric Institute, a director of the North American Electricity Reliability Council and as chairman of the board of the Florida Reliability Coordinating Council.

Evanson received a Bachelor of Business Administration degree from St. John’s University, a Juris Doctor degree from Columbia Law School, and a Master of Laws degree from New York University.

Founded in 1886, American Water is the largest publicly traded …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

American Water CEO Says New ASCE Report Card Underscores the Need to Act Now to Update Water Systems

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By Business Wirevia The Motley Fool

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American Water CEO Says New ASCE Report Card Underscores the Need to Act Now to Update Water Systems

VOORHEES, N.J.–(BUSINESS WIRE)– “The grades are in, and the nation’s drinking water and wastewater infrastructure is still in a poor state. If it were a student, such ongoing marginal performance would not be acceptable,” said Jeff Sterba, President and CEO of American Water, referring to the American Society of Civil Engineers’ (ASCE) latest Report Card for America’s Infrastructure, released today. The report, issued every four years since 2001, gave the nation’s water systems a D grade, up slightly from the D- conferred in the last two reports, but, according to Sterba, this year’s outcome is not a cause for celebration. He sees the findings as further confirmation of the need to update and maintain water infrastructure to ensure resiliency for health, safety, and robust local economies.

A breakdown of water systems can result in water disruptions, impediments to emergency response, and damage to other types of infrastructure, as well as unsanitary conditions, increasing the likelihood of public health issues. “Simply put, allowing water infrastructure to lapse puts the nation’s communities at risk,” said Sterba.

The price tag for the critical upkeep and replacement of the nation’s outdated water systems is approximately $1 trillion over the next 25 years, estimates the American Water Works Association. While this financial challenge is significant, there are solutions, including attracting additional private capital for public water infrastructure projects from companies like American Water, which proactively invests $800 million to $1 billion annually in needed system improvements to its water treatment facilities, distribution systems, and other critical assets across its footprint.

“Such investments prove their value every day,” said Sterba. “From projects to replace water mains, pipelines, and hydrants, and the installation of advanced metering technology to help reduce water leaks, to enhanced treatment capabilities improving efficiency and reliability, the investments we’ve made into the system ensure that we are well positioned to continue to meet customer needs in the communities that rely on us.

“What’s more, investing in water infrastructure development creates good-paying jobs and boosts local economic growth. There is no better time to reinvest in our essential water infrastructure,” Sterba added.

According to Sterba, the value of the ASCE Report Card is in raising customer awareness of the critical nature of these issues, and that they already play an important role in system renewal and future reliability by simply paying their water bills. “By supporting needed improvements, customers and American Water are working together to keep the …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

American Water CEO Provides Testimony to Congress on Solutions to Nation's Water Infrastructure Fina

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By Business Wirevia The Motley Fool

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American Water CEO Provides Testimony to Congress on Solutions to Nation’s Water Infrastructure Financing Needs

VOORHEES, N.J.–(BUSINESS WIRE)– American Water Works Company, Inc. (NYS: AWK) , the largest publicly traded U.S. water and wastewater utility company, announced its president and chief executive officer, Jeff Sterba, is today providing testimony before the U.S. House of Representatives Appropriations Subcommittee on Interior, Environment and Related Agencies.

Sterba, who is representing both American Water and the National Association of Water Companies (NAWC), is presenting potential financing solutions to help water providers nationwide repair and replace aging water and wastewater systems. As the nation’s water and wastewater infrastructure is in critical need of repair, it has become increasingly important for water utilities to gain access to private funds for financing upgrades to their pipes, pumps and plants.

“I am pleased to present actions we can take together as a nation to unleash more tools for the financing toolbox, through innovation and by embracing the powerful combination of public service and private enterprise to build the water infrastructure our communities need to thrive and to be healthy,” said Sterba. “The country’s aging infrastructure is a severe challenge for the water industry as evidenced by the 650 water main breaks every day and two trillion gallons of treated water lost every year at an estimated cost of $2.6 billion. Aging and deteriorating public water systems threaten economic vitality and public health, and communities nationwide are faced with massive fiscal challenges to replace critical water and wastewater infrastructure.”

Sterba continued, “The challenges we face to protect and maintain our water and wastewater systems and make the investments needed for continuing growth and new public health and environmental standards seem vast, but they need not paralyze us. The tools I am proposing will help attract additional private capital for the long-term, reliable investments that well-run water utilities provide. These tools will also provide municipalities with additional flexibility to deliver cost-effective and sustainable solutions in addressing their water and wastewater system and for improving their overall fiscal health.”

Sterba’s written testimony is posted on American Water‘s website, in the press resources section at http://pr.amwater.com/PressResources/resources.cfm.

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 at <a target=_blank …read more
Source: FULL ARTICLE at DailyFinance