01—Abstract
Summary
Summary of the 8-K filed May 1, 2019. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from American Water Works Company, Inc. announces a significant change in its executive leadership.
Linda G. Sullivan, the current Executive Vice President and Chief Financial Officer, is retiring effective August 1, 2019, after a successful tenure. Ms. Sullivan will ensure a smooth transition by continuing as CFO until July 1, 2019, and then serving as Executive Vice President-Finance until her retirement.
To fill this crucial role, the company is appointing M. Susan Hardwick as its new Executive Vice President and Chief Financial Officer, effective July 1, 2019.
Ms. Hardwick brings extensive financial leadership experience, most recently as EVP and CFO of Vectren Corporation, which was acquired by CenterPoint Energy. Her background includes strategic financial planning, execution, financing, and investor relations, making her a well-qualified successor.
02—Key points
Key Highlights
- Linda G. Sullivan, EVP and CFO, is retiring effective August 1, 2019, to focus on family, travel, and board work.
- Ms. Sullivan will transition out of her CFO role on July 1, 2019, and remain as EVP-Finance until retirement to ensure continuity.
- M. Susan Hardwick will join American Water as EVP-Finance on June 3, 2019, and assume the CFO role on July 1, 2019.
- Ms. Hardwick has significant financial leadership experience, most recently as EVP and CFO of Vectren Corporation.
- Her compensation package is designed to be substantially consistent with the current CFO position, including performance-based awards and severance policy eligibility.
- Ms. Hardwick received relocation assistance ($120,000) and a sign-on bonus ($120,000).
03—Questions
Frequently Asked Questions
Why is the current CFO, Linda G. Sullivan, retiring?
Ms. Sullivan is retiring to spend more time with her growing family, travel, and continue her board work.
Who is replacing Linda G. Sullivan as CFO, and when will they take over?
M. Susan Hardwick will join the company as EVP-Finance on June 3, 2019, and will officially become the Executive Vice President and Chief Financial Officer on July 1, 2019.
What is M. Susan Hardwick's relevant experience?
Ms. Hardwick has extensive financial experience, including serving as Executive Vice President and Chief Financial Officer at Vectren Corporation, where she was responsible for business and financial strategy, financing, and investor relations for its regulated utility and market-based businesses.
What are the key components of M. Susan Hardwick's compensation package?
Ms. Hardwick's compensation will be substantially consistent with the current CFO role. It includes pro-rated Annual Performance Plan and Long-Term Performance Plan awards for 2019, eligibility for the Executive Severance Policy and deferred compensation plan, a $120,000 lump-sum payment in lieu of relocation benefits, and a $120,000 sign-on bonus.
04—Continue