Connecticut Water Executives Elect Directors, Declare Dividends
Mary Ann Hanley, Mark Kachur and David Lentini elected to the nine-member board
Shareholders of Connecticut Water Service Inc. elected three directors and ratified the Audit Committee's selection of PricewaterhouseCoopers LLP as independent auditors for 2011 at the company's annual meeting of shareholders last week.
Reelected to the nine-member board were Mary Ann Hanley, an attorney, assistant to the president of St. Francis Hospital and Medical Center, and director of the Valencia Society; Mark G. Kachur, retired chairman and CEO of CUNO Inc.; and David A. Lentini, chairman and CEO of The Connecticut Bank and Trust Company, and a member of the Board of the Federal Reserve Bank of Boston.
"Our Board has broad experience in regulatory, financial and executive management,” Connecticut Water’s Chairman, President and CEO Eric W. Thornburg said. “Our shared philosophy is to build shareholder value by satisfying customers and communities by providing high-quality water and world-class customer service, rewarding employees who achieve high performance and growing the company through prudent acquisitions."
The board of directors declared a quarterly cash dividend of $0.23 per common share payable on June 15, 2011, for shareholders of record as of June 1, 2011. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.93 per share. As of May 12, 2011, the dividend yield on the company's common stock was more than 3.6%.