8-KLeadership ChangesExhibits & Filings

American Water Works Company, Inc. 8-K Report, Executive Changes (Apr 27, 2022)

Filed April 27, 2022For Securities:AWK

Summary

American Water Works Company, Inc. (AWK) has announced a significant leadership change with the appointment of John C. Griffith as Executive Vice President and Chief Financial Officer (CFO), effective May 16, 2022. Mr. Griffith brings extensive experience in mergers and acquisitions within the regulated utilities sector from his tenure at Bank of America Securities, as well as prior leadership roles in renewable energy and investment banking. This appointment signals a strategic focus on financial operations and potential growth initiatives, leveraging Mr. Griffith's deep industry expertise. M. Susan Hardwick will transition from her dual role as President, CEO, and CFO to President and CEO, continuing as the principal executive officer. This restructuring of executive responsibilities is designed to streamline leadership and allow Ms. Hardwick to focus on overall strategic direction and operational oversight. Investors can anticipate a renewed emphasis on financial strategy and capital allocation under Mr. Griffith's guidance.

Key Highlights

  • 1John C. Griffith appointed as Executive Vice President and Chief Financial Officer (CFO), effective May 16, 2022.
  • 2Mr. Griffith has substantial experience in utility mergers and acquisitions from Bank of America Securities.
  • 3M. Susan Hardwick will transition to President and CEO, remaining principal executive officer.
  • 4Mr. Griffith's compensation package includes a base salary of $725,000 and significant bonus/long-term incentive opportunities.
  • 5Mr. Griffith will receive a $950,000 cash sign-on bonus and a $120,000 relocation payment.
  • 6The appointment suggests a strategic focus on financial leadership and capital management.

Frequently Asked Questions

John C. Griffith has been appointed as the new Executive Vice President and Chief Financial Officer, effective May 16, 2022. He will also serve as the principal financial officer.

M. Susan Hardwick will transition from her combined role as President, CEO, and CFO to President and CEO. She will continue to be the principal executive officer.

Mr. Griffith has extensive experience in the regulated utilities sector, most recently serving as Managing Director, Mergers and Acquisitions for Bank of America Securities. He also has prior experience as CEO of a renewable fuels company and in investment banking with Merrill Lynch.

Mr. Griffith's compensation includes an annual base salary of $725,000, a prorated annual performance award opportunity of 100% of his base salary (at target) for 2022, and long-term performance plan awards with a target opportunity of 250% of his base salary. He will also receive a $950,000 cash sign-on bonus and a $120,000 relocation payment.