- After 18 years in the position
- Praise and thanks for Doll
- Search for a successor
(exechange) — Iselin, New Jersey, May 16, 2023 — Dennis Doll, chief executive of Middlesex Water, is set to leave his position. As announced by Middlesex Water Co. in a news release and in a regulatory filing published on Tuesday, May 16, 2023, Dennis W. Doll will leave his post as chief executive officer at the water utility, after 18 years in the role, effective on the later of December 31, 2023 or, the date when a successor is duly named and on board.
It is the end of an era.
Middlesex Water will undertake a search for a successor.
“Build on Middlesex Water’s strong 126-year legacy”
Walter G. Reinhard, Middlesex Water Lead Director, stated: “As we conduct our search for our next CEO, we look forward to speaking with candidates who can build on Middlesex Water’s strong 126-year legacy of operational excellence.”
Precise information regarding Dennis Doll’s future plans was not immediately available.
Middlesex Water said that Dennis W. Doll “has announced a plan to retire upon turning age 65.”
Share price increase since May 2018
The announcement follows an increase in Middlesex Water Co.’s share price of 78% since May 2018.
In the position of CEO since 2006
Dennis Doll became CEO of the Company in 2006.
He will remain a member of the Board through the expiration of his current term in May 2024.
Dennis W. Doll has more than 35 years of experience in senior level positions in investor-owned water and wastewater utility management.
He joined Middlesex Water as Executive Vice President in November 2004 and was named President and Chief Executive Officer, and a Director of Middlesex, effective January 1, 2006.
In May 2010, he was elected Chairman of the Board also serving as Chairman of the Boards of Middlesex Water Company’s subsidiary companies.
Doll speaks frequently on water related issues including asset & capital management, infrastructure policy, utility preparedness and resiliency.
He has served as Past President of the National Association of Water Companies and past Chairman of the New Jersey Utilities Association, representing New Jersey’s electric, gas, water and telecommunications industries.
Doll is past Chairman of the Board of the Water Research Foundation where he continues to serve as Director Emeritus and has served as a Director and member of the Executive Committee of the Board of the American Water Works Association.
He presently serves as Treasurer and member of the Board of Court Appointed Special Advocates (CASA) of Middlesex County, NJ.
Doll received a B.A. Degree in Accounting and Economics from Upsala College.
No statement by Dennis Doll
In the news release announcing his planned departure as CEO of Middlesex Water Co., Dennis Doll received praise and thanks.
The announcement of his departure as CEO does not include a statement by Dennis Doll.
41% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 319 CEO departures in the Russell 3000 Index evaluated over the past 12 months (May 16, 2022, to May 15, 2023), the average Push-out Score was 6.2, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, pursuit of other opportunities or time with family were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 41% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Dennis Doll’s move determined
The Push-out Score regarding Dennis Doll’s move is explained point by point in the exechange report.
exechange reached out to Middlesex Water and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2023 ($).