VOORHEES, N.J.- American Water Works Company, Inc. (NYSE: AWK) has announced that Jeffry Sterba has been appointed President and Chief Executive Officer, and elected to the Board of Directors, effective today. Sterba is succeeding Donald Correll, who is leaving the company.
“The past four and a half years as President and CEO of American Water have been deeply rewarding,” Correll said. “Our team has accomplished a turnaround of the Company, successfully concluded the largest utility IPO in U.S. history and re-established the American Water brand. We have built a solid foundation, generated strong revenue and earnings growth, and achieved significant operating efficiencies. American Water is well-positioned for continued success.”
“We are grateful to Don for his leadership and years of service,” said George MacKenzie, Non-Executive Chairman of American Water. “His insights and collaboration with the board will help ensure a seamless management transition.”
“The entire board is pleased to name Jeffry Sterba as President and CEO of American Water,” MacKenzie continued. “Jeff is a seasoned utility industry executive who has the proven leadership ability and experience to uphold American Water’s position as the single largest enterprise protecting the nation’s public health standards and take the company to the next level of performance.”
“American Water has an opportunity to realize its full potential by enhancing its organizational focus on operations,” said Sterba. “I will conduct a full review over the next few months that will include a listening tour of internal and external stakeholders, examining the business structure and identifying opportunities for growth, and assessing American Water’s role in the national conversation about responsible water use and sustainability.”
“I have already relocated to the Philadelphia area and am looking forward to joining the talented people at American Water. Together, we will continue to strengthen our leadership position in the industry and deliver exceptional value to our customers and shareholders,” Sterba added.
Jeff Sterba brings years of exceptional operational experience and a wealth of industry knowledge to American Water. He currently serves as Chairman of PNM Resources, Inc., the parent company of PNM, Texas-New Mexico Power Company (TNMP), and First Choice Power. Most recently Sterba served as Chairman and CEO of PNM Resources from 2000 until March 2010. Since joining PNM in 1977, he has held a succession of positions including Executive Vice President & Chief Operating Officer, Senior Vice President Bulk Power Services, Senior Vice President Asset Restructuring, Senior Vice President Retail Electric & Water Services and Vice President Revenue Management. From 1998 to 2000, Sterba was Executive Vice President of United States Enrichment Corporation (USEC), a global energy company headquartered in Maryland.
Sterba is a nationally recognized thought leader in the areas of energy policy, climate change legislation, renewable energy, and sustainability. He has served as chair of Edison Electric Institute, the national association of shareholder owned utilities, and chair of the Electric Power Research Institute, a non-profit center for energy and environment research. He serves on the board of directors of the Meridian Institute and is a member of the Business Environmental Leadership Council for the Pew Center on Global Climate Change. He also previously served on the board of directors of the U.S. Chamber of Commerce and is a recipient of the Keystone Leadership in Industry Award and numerous other national and local honors.
He has been actively involved in community and economic development efforts. He served as a community board member for Wells Fargo of New Mexico, on the board of directors of the Albuquerque Community Foundation, and as a member of the Kirtland Partnership Committee. He has also chaired the Albuquerque Economic Forum, United Way of Central New Mexico, Greater Albuquerque Chamber of Commerce and the Middle Rio Grande Business Education Compact.