- Push-out Score suggests push-out forces
- After around 19 years in the position
- Praise and thanks for Smeltzer
- Dan Schuller taking over
(exechange) — Bryn Mawr, Pennsylvania, April 30, 2018 — Dave Smeltzer, finance chief of Aqua America, leaves. His departure is made public at an early stage. As announced by Aqua America Inc. in a news release on Monday, April 30, 2018, David (Dave) Smeltzer, Chief Financial Officer, leaves the water and wastewater utility company after around 19 years in the position, effective in October.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.5 years, according to data compiled by exechange. Only 5 percent of the CFOs who departed over the past 12 months left the position after more than 15 years.
Smeltzer’s duties will be taken over by Daniel (Dan) Schuller, currently EVP, strategy and corporate development of Aqua America Inc.
Smeltzer’s move is part of a management shake-up also involving the position of chief human resources officer.
No reason given
In the announcement, Aqua America did not explicitly explain the reason for Smeltzer’s move, leaving room for speculation.
Precise information about Smeltzer’s future plans was not immediately available.
Aqua America said: “Aqua America Inc. … Chairman and CEO Christopher H. Franklin announced several changes in the senior management team stemming from the scheduled retirement of Executive Vice President and Chief Financial Officer David Smeltzer.”
Aqua America further said: “Smeltzer will retire in October after a 32-year career with Aqua.”
Share price rise since September 2009
The change follows a rise in the share price of Aqua America Inc. since September 2009.
Chaired by Christopher H. Franklin
Aqua America Inc. is chaired by Christopher H. Franklin.
In the position of CFO since 1999
David P. Smeltzer has been the Chief Financial Officer of Aqua America, Inc. (alternate name: Philadelphia Suburban Corp.) since May 1999 and has been its Executive Vice President since January 2012.
Named CFO in 1999, Smeltzer was appointed executive vice president in 2012.
David P. Smeltzer is executive vice president and chief financial officer for Aqua America, Inc.
In this role, he oversees all financial functions including accounting, tax, treasury, regulatory relations, planning, Sarbanes-Oxley compliance and capital spending in regards to return on investment.
During his 28 years of experience at Aqua, Smeltzer held various leadership roles before being named chief financial officer in 1999 and executive vice president in 2012.
He previously served as vice president of rates and regulatory affairs for Aqua America and prior to that as vice president-controller of Aqua Pennsylvania, Inc.—the company’s largest operating subsidiary.
Smeltzer joined Aqua Pennsylvania in 1986 after having been employed as audit manager by the accounting firm of KPMG LLP.
Smeltzer earned his B.S. in Business Administration from LaSalle University in 1980 as an accounting major. In 1982, he became a licensed Certified Public Accountant in Pennsylvania.
Smeltzer is a member of the Pennsylvania and American Institutes of Certified Public Accountants; is Chairman of the National Association of Water Companies (NAWC) Finance Committee, past Chairman of the NAWC Rates & Revenue Committee and past chairman of the Pennsylvania Chapter of the NAWC and its Rates and Revenue Committee.
He serves on the Board of the Cradle of Liberty Council – Boy Scouts of America and on the Board of Junior Achievement of Delaware Valley.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dave Smeltzer’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 19.2018 ($).