Essential Utilities Names New Directors, Adjusts Executive Pay

Ticker: WTRG · Form: 8-K · Filed: 2024-09-12T00:00:00.000Z

Sentiment: neutral

Topics: board-changes, executive-compensation, governance

Related Tickers: WTRG

TL;DR

Essential Utilities adds 2 directors and revises exec pay packages.

AI Summary

Essential Utilities, Inc. announced on September 6, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Christopher J. Bottiglieri and David J. Schanzer, to its Board, effective immediately. Additionally, the company entered into new employment agreements with certain executive officers, including a new employment agreement with its CEO, Christopher J. Franklin.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in board and executive compensation can sometimes precede or accompany significant strategic shifts or internal challenges.

Key Numbers

Key Players & Entities

FAQ

Who are the newly elected directors to Essential Utilities' Board?

The newly elected directors are Christopher J. Bottiglieri and David J. Schanzer.

When were the new directors elected?

The new directors were elected effective September 6, 2024.

What other significant event was reported on September 6, 2024?

Essential Utilities, Inc. also entered into new employment agreements with certain executive officers.

What is the principal executive office address for Essential Utilities, Inc.?

The principal executive offices are located at 762 West Lancaster Avenue, Bryn Mawr, Pennsylvania, 19010-3489.

What is the company's former name?

The company was formerly known as AQUA AMERICA INC and PHILADELPHIA SUBURBAN CORP.

From the Filing

0001552781-24-000528.txt : 20240912 0001552781-24-000528.hdr.sgml : 20240912 20240912065515 ACCESSION NUMBER: 0001552781-24-000528 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240906 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240912 DATE AS OF CHANGE: 20240912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Essential Utilities, Inc. CENTRAL INDEX KEY: 0000078128 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 231702594 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06659 FILM NUMBER: 241293863 BUSINESS ADDRESS: STREET 1: 762 W. LANCASTER AVE CITY: BRYN MAWR STATE: PA ZIP: 19010-3489 BUSINESS PHONE: 610-527-8000 MAIL ADDRESS: STREET 1: 762 W. LANCASTER AVE CITY: BRYN MAWR STATE: PA ZIP: 19010-3489 FORMER COMPANY: FORMER CONFORMED NAME: AQUA AMERICA INC DATE OF NAME CHANGE: 20040120 FORMER COMPANY: FORMER CONFORMED NAME: PHILADELPHIA SUBURBAN CORP DATE OF NAME CHANGE: 19920703 8-K 1 e24390_wtrg-8k.htm WTRG 8-K false 0000078128 0000078128 2024-09-06 2024-09-06 iso4217:USD xbrli:shares iso4217:USD xbrli:shares   UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________ FORM 8-K   CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): September 6, 2024   Essential Utilities, Inc. (Exact Name of Registrant Specified in Charter) Pennsylvania 001-06659 23-1702594 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)   762 West Lancaster Avenue     Bryn Mawr , Pennsylvania   19010-3489 (Address of Principal Executive Offices)   (Zip Code)   Registrant’s telephone number, including area code: (610) 527-8000   Not Applicable (Former Name or Former Address, if Changed Since Last Report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act: Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common stock, $.50 par value   WTRG   New York Stock Exchange   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐     Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.   Departure of Officer   On September 6, 2024, Matthew R. Rhodes, notified the Chairman and Chief Executive Officer of Essential Utilities, Inc. (the “ Company ”) of his resignation from his position as Executive Vice President,

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