American Water Works Co. Inc. announced that Jeff Sterba will retire from his role as president and CEO 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 CFO Susan N. Story will succeed Sterba as president and CEO. Sterba will stay on as an adviser to Story to ensure a smooth transition until Jan. 1, 2015.
“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. During Sterba's tenure, American Water became the first U.S. water utility named to the Dow Jones Sustainability North America Index.
“Jeff has been a consummate leader since taking over the helm at American Water in 2010,” said George MacKenzie, Chairman of American Water’s Board of Directors. “Under his direction, the company has achieved year-over-year growth, expanded its services and territories, become more efficient and effective, and, most importantly, delivered excellent service to customers. The entire board thanks him for positioning American Water for long-term success.”
Story is currently American Water’s senior vice president and CFO. American Water expects to name Story's CFO successor prior to May 2014.
“American Water is a remarkable company. Our employees are dedicated to providing clean, safe, reliable and affordable water; to the highest levels of customer service; and to the effective stewardship of our environment. Our company is built on integrity and committed to financial fundamentals that serve the best interest of our customers, employees, shareholders and communities,” said Story. “It is an honor and a privilege to be part of this top-notch leadership team and these highly committed employees. We look forward to carrying on the tradition of excellence and outstanding performance that Jeff Sterba established during his time leading this great company.”
Story has a history of active involvement in community, industry, education and economic development efforts. She currently serves on the Bipartisan Policy Center Board of Directors in Washington, D.C. and as a member of the Moffitt Cancer Center Board of Advisors in Tampa, Fla. She was recently the national chairman for the Center for Energy Workforce Development (CEWD) and served on the boards of the National Renewable Energy Laboratory (NREL) and the Alliance to Save Energy (ASE). In her time in Florida, she was a member of the Florida Board of Education, appointed to the Federal Judicial Nominating Commission, appointed chair of the state's economic development public-private partnership, and was an appointee to the Tax and Budget Reform Commission, required every 20 years by the Florida Constitution.
Story is an independent director of Raymond James Financial (RJF), having served on the board since 2008.
She attended executive education programs at Duke University and Oxford University, and completed international business studies at Cambridge University and leadership studies at Harvard. She earned a bachelor's degree in industrial engineering from Auburn University and an MBA from the University of Alabama in Birmingham. She completed additional post-graduate coursework in the Master of Finance program at the University of Alabama focusing in financial derivatives, and at the Birmingham School of Law focusing on torts and contracts.
Source: American Water
