- After less than two years in the position
- Susan Hardwick taking over temporarily
(exechange) — Camden, New Jersey, December 8, 2021 — Walter Lynch, chief executive of American Water, takes a medical leave of absence. As announced by American Water Works Co. in a news release and in a regulatory filing published on Wednesday, December 8, 2021, Walter J. Lynch has left his post as chief executive officer at the largest publicly-traded U.S. water and wastewater utility company, after less than two years in the role, effective December 7, 2021.
Walter Lynch’s duties as CEO will be taken over temporarily by M.Susan Hardwick, most recently Executive Vice President and Chief Financial Officer at American Water Works Co., as Interim Chief Executive Officer.
“Hardwick will assume Lynch’s authority, duties and responsibilities, including serving as the Company’s principal executive officer, in addition to her role as the Company’s principal financial officer, until such time as Lynch is able to reassume those responsibilities,” American Water stated.
Health reasons
American Water said: “The announcement occurred as Walter Lynch, president and CEO of American Water has been hospitalized and is now recovering from an injury. This action, part of our business continuity plan, permits Walter to focus on his full recovery and allows the business to operate without interruption during this time.”
American Water said: “Walter J. Lynch, President and Chief Executive Officer of American Water Works Company, Inc. (the “Company”) has been hospitalized and is recovering from an injury.”
Share price increase since April 2020
The announcement follows an increase in American Water Works Co.’s share price of 56% since April 2020. April 2020 is the month in which Lynch’s tenure as CEO began.
In the position of CEO since 2020
Walter Lynch became CEO of the Company in 2020.
Lynch has over 25 years of experience in both the regulated and market-based water and wastewater industry.
Lynch has served as the Company’s President and Chief Executive Officer and a director since April 1, 2020.
Lynch served as the Company’s Executive Vice President and Chief Operating Officer from January 2016 to March 31, 2020, and as the Company’s President and Chief Operating Officer, Regulated Operations from February 2010 through December 2015.
Prior to that, Lynch served as President of Regulated Operations from July 2008 to February 2010.
Lynch also had previously served as Executive Vice President of the Company’s then Eastern Division and as President of the Company’s New Jersey and New York subsidiaries, as well as President of the Company’s Market-Based Businesses. Lynch joined the Company in 2001.
Lynch is a member of the Board of Directors of the National Association of Water Companies and serves as a member of its Executive Committee.
Push-out Score not determined
When the reason for the departure is health-related, a Push-out Score™ is not determined.
Read the full story in the exechange report 50.2021 ($).