- Push-out Score determined
- After 12 years in the position
- Praise and words of regret for Hines
- JT Hand taking over
(exechange) — York, Pennsylvania, June 25, 2019 — Jeff Hines, chief executive of York Water, leaves his post. His departure is made public at an early stage. As announced by York Water Co. in a news release and in a regulatory filing published on Tuesday, June 25, 2019, Jeffrey R. (Jeff) Hines leaves his post as Chief Executive Officer at the provider of water service after 12 years in the role, effective March 1, 2020.
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 CEOs who departed over the past 12 months was 7.5 years, according to data compiled by exechange. Only 28 percent of the CEOs who departed over the past 12 months left their position after more than 10 years.
It is a long goodbye. The announcement of Jeff Hines’s move comes up to eight months prior to his planned departure from the post of CEO.
Jeff Hines’s duties as CEO will be taken over by Joseph T. (JT) Hand, currently Chief Operating Officer of The York Water Company.
Jeff Hines’s departure from the CEO post is explained as follows. York Water said: “Mr. Hand, 56, was selected for the post after a thorough review by the Board of Directors.”
Precise information regarding Jeff Hines’s future plans was not immediately available.
York Water said: “The Board of Directors of The York Water Company … at its Board meeting on June 24th, accepted President Jeffrey R. Hines’ letter of retirement and unanimously approved the appointment of Joseph T. (JT) Hand as the company’s 22nd President and Chief Executive Officer. The effective date for the retirement and transition to Mr. Hand will be March 1, 2020.”
York Water further said: “On June 24, 2019, Jeffrey R. Hines, P.E., President and Chief Executive Officer of The York Water Company …, notified the Board of Directors of his intent to retire on March 1, 2020.”
Share price increase since March 2008
The announcement follows an increase in The York Water Company’s share price of 134 percent since March 2008.
Chaired by George Hodges
The York Water Company is chaired by George Hodges.
In the position of CEO since 2008
President Hines, who has been President and CEO since 2008, will retire on the 12th anniversary of his appointment as President and his 30th anniversary with the Company.
Hines has been with the Company since 1990 and has served as President and Chief Executive Officer since March 2008.
Hines will continue to perform the duties of his position and participate in the benefits outlined in the Company’s Proxy Statement filed with the Securities and Exchange Commission on March 22, 2019, until his retirement.
Hines has served as the President and Chief Executive Officer of the Company since 2008.
He was Chief Operating Officer and Secretary from 2007 to 2008, and Vice President of Engineering from 1995 to 2006.
Hines is a director and a member of the compensation, audit and corporate governance and nominating committees of Codorus Valley Bancorp in York, PA (a public company), and its wholly-owned subsidiary, Peoples Bank, York, PA.
Hines is a trustee and vice chair of York College of Pennsylvania, a director of the National Association of Water Companies and serves as director or committee member of various community and non-profit organizations.
Hines is a licensed Professional Engineer in PA and MD, and holds MBA and law degrees.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to York Water and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 26.2019 ($).