American Water Works Company, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by American Water Works Company, Inc. on July 28, 2008. The filing reports significant corporate governance changes, specifically the appointment of new executive officers and an independent director.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margin, debt, or liquidity figures. The only financial data disclosed relates to director compensation:
- Director Retainer: $14,583 annual retainer for the remainder of 2008 for the new independent director.
- Meeting Fees: $2,000 per board meeting, $1,000 per interim telephonic meeting, and $1,500 per committee meeting.
- Stock Compensation: $16,667 annual stock compensation for the remainder of 2008 (40% restricted stock units, 60% stock options).
Material Changes
The filing details the following organizational changes effective July 28, 2008:
- Executive Appointments:
- John S. Young: Appointed President of American Water Services (new position). He will lead operating support functions and work on growth opportunities. His previous role as Chief Operating Officer is being retired.
- Walter J. Lynch: Appointed President of Regulated Operations (new position). He will oversee regulated businesses and national customer call centers, previously serving as Executive Vice President, Eastern Division.
- Board Appointment: Julia L. Johnson appointed as an independent director, effective August 1, 2008, with a term expiring at the 2009 annual meeting. She will serve on the Nominating/Corporate Governance Committee.
Guidance, Outlook, and Risks
The filing text does not provide financial guidance, outlook, management commentary on future performance, or specific risk factors. The document focuses solely on the structural changes to the executive team and board of directors.
Key Facts for Investor Verification
- Verify the strategic rationale for retiring the Chief Operating Officer role and creating the President of American Water Services position.
- Confirm the specific responsibilities of the new President of Regulated Operations regarding the company's regulated utility assets.
- Review the full press releases (Exhibits 99.1 and 99.2) for additional context on the leadership transition.
- Check subsequent filings for the impact of these leadership changes on operational strategy.