BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc.'s (NYSE: WTR) Board of Directors has appointed two
company employees to officer positions. Christopher P. Luning was
appointed senior vice president, general counsel and secretary,
replacing Chief Administrative Officer, General Counsel and Secretary
Roy Stahl who is retiring after a 30-year career with Aqua America
during which he played a vital role in the divestiture of the company's
non-regulated non-utility businesses and its successful growth-through
acquisition strategy, which allowed Aqua America to triple its customer
base during his tenure. William B. Davis was appointed vice president,
corporate development.
Luning, an accomplished attorney and 10-year veteran of Aqua America,
will report directly to Chairman and CEO Nicholas DeBenedictis in his
new role. He was previously vice president, corporate development,
responsible for leading the company's corporate development activities,
which has resulted in the company tripling its customer base in the last
10 years. "His excellent legal skill coupled with the experience he has
gained working as counsel and leading our corporate development efforts
will serve him well as he begins his new position with the company, said
Aqua America Chairman and CEO Nicholas DeBenedictis. "I look forward to
working with him in his new role."
Luning joined Aqua America in 2003 as assistant general counsel. He was
promoted in 2005 to vice president and deputy general counsel.
Throughout his tenure at Aqua America, Luning has worked closely with
the corporate development team in negotiating and closing numerous
acquisitions and other growth ventures.
Luning earned his B.S. business/political science from Albright College
and his J.D. in 1993 from Villanova University.
Luning will be replaced by Davis who previously served as president of
Aqua America's New Jersey subsidiary, Aqua New Jersey. In his new role,
Davis is responsible for leading the company's corporate development
activities with primary responsibility for pursuing acquisitions of
municipal and private regulated water and wastewater companies as well
as unregulated business opportunities.
Davis joined Aqua America in 2007 as controller of Aqua New Jersey. He
was promoted in 2008 to president of Aqua New Jersey, the position he
held at the time of his promotion. As president of Aqua New Jersey,
Davis helped target potential acquisitions in that state and played a
key role in the negotiations of successful deals. In addition to his
experience with Aqua New Jersey, Davis has extensive previous experience
in both buy- and sell- side transactions for a variety of capital
intensive and natural resource businesses. "Bill's previous M&A
experience coupled with his operations experience will be invaluable as
he begins his corporate development responsibilities," said DeBenedictis.
Davis will head a corporate development team that includes in-depth
involvement from each operating division president and corporate
development managers in the company's state operations as well as senior
management in charge of non-regulated ventures. He will report directly
to Aqua America Executive Vice President Karl Kyriss who is also
president of a new business unit — Aqua Capital Ventures. "Our corporate
development team has evolved over the past four years so our state
operations have locally knowledgeable managers for corporate
development. Also, each state president has responsibility to take an
active role in growing the customer base in their state," said
DeBenedictis.
Davis earned his B.S. in marketing from Pennsylvania State University
and his MBA in finance from The Wharton School at The University of
Pennsylvania.
DeBenedictis said he looks forward to working with Luning and Davis as
the company continues to pursue its growth-through-acquisition strategy.
He commended Stahl on a stellar career with the company, which he said
included many landmark events. "Roy is an excellent attorney whose legal
talent has been crucial to myriad events at the company, not the least
of which were the negotiation of the company's largest merger with the
former Consumers Water Company and the acquisition of the former
AquaSource companies, which significantly increased our customer base
and expanded our operations into several new states," said DeBenedictis.
"His contributions have been significant and he will be missed. The
entire Board of Directors and I wish him well as he begins his
retirement."
Aqua America, Inc. is a U.S.-based publicly traded water and wastewater
utility holding company, serving approximately three million
residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas,
Florida, New Jersey, Indiana, Virginia, and Georgia. Aqua America is
listed on the New York Stock Exchange under the ticker symbol WTR.
WTRG
Aqua America, Inc.
Donna Alston
Director, Communications
610-645-1095
dpalston@aquaamerica.com
or
Gretchen
Toner
Manager, Strategic Communications
610-645-1175
gmtoner@aquaamerica.com
Source: Aqua America, Inc.
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