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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.