Matthew Rhodes is executive vice president, strategy and corporate development for Essential Utilities, Inc. (NYSE: WTRG). Upon the closing of Peoples, Essential will become one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states.
Rhodes leads the development and execution of Essential’s strategic initiatives, with an emphasis on growth. Additionally, he is responsible for the organization’s overall corporate development, including acquisitions of regulated and market-based businesses, and oversees operations of the market-based businesses.
Since joining the organization, Rhodes has led numerous acquisitions and nearly doubled the Company’s customer base. His key accomplishments include the pending acquisition of Delaware County Regional Water Quality Control Authority (DELCORA), the largest municipal transaction in Company history. Rhodes also led the Company’s pending acquisition of natural gas distribution company Peoples, which brought together the second-largest U.S. water utility and fifth-largest U.S. stand-alone natural gas local distribution company (based on customers). Upon the closing of Peoples, the Company will have a projected U.S. regulated rate base of more than $7.2 billion, with approximately 70 percent in water and wastewater and 30 percent in natural gas.
Rhodes was named to his current role in June 2018, following 11 years in the investment banking division at Goldman Sachs, as a managing director in the global natural resources group. Rhodes led the coverage effort for more than 25 electric and gas utility clients and executed numerous M&A and financing transactions. Prior to Goldman Sachs, Rhodes worked at Bank of America and Duke Capital Partners.
Rhodes is the executive sponsor of the Company’s Women’s Resource Group.
Education and Community Involvement
Rhodes received a B.A. in finance from the University of Texas, Austin and an M.B.A. with Honors from New York University. While in New York, Rhodes joined the board of a charitable organization called Top Honors, which provides free one-on-one math tutoring to disadvantaged middle school children. Rhodes hopes to expand the organization to Pennsylvania.