Connecticut Water Service, Inc. (NASDAQ:CTWS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of President and Chief Executive Officer; Salary Adjustment and RSU Award
On March 6, 2018, the Board of Directors (the “Board”) of Connecticut Water Service, Inc. (the “Company”) appointed David C. Benoit as President and Chief Executive Officer of the Company, effective March 6, 2018.
Mr. Benoit, age 60, has served as the Company’s interim President and Chief Executive Officer since September 2017 and as a Senior Vice President since 2015. Prior to September 2017, Mr. Benoit served as the Company’s Chief Financial Officer (CFO) since his hire in 1996. Mr. Benoit is a Certified Public Accountant and holds an MBA from the University of Harford and an undergraduate degree from Central Connecticut State University. Mr. Benoit has more than 30 years’ experience with regulated utility companies, including gas and electric businesses. He has been instrumental in driving the Company’s business strategy and ensuring the financial integrity of the organization. He has also played a key role in the more than 30 acquisitions that the Company has completed during his tenure as CFO, including the two large acquisitions in Maine completed during 2012, and the two acquisitions in Connecticut last year.
Mr. Benoit does not have a family relationship with any director or executive officer of the Company and has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K.
In recognition of Mr. Benoit’s appointment as President and CEO of the Company, effective as of March 6, 2018, the Company increased Mr. Benoit’s annual base salary rate to $430,000 and his long-term incentive compensation target to 75% of base salary and made a grant of restricted stock units under the Company’s 2014 Performance Stock Program (“PSP”) to Mr. Benoit with a grant date value of $162,500. The restricted stock units are subject to a three-year cliff vesting requirement. Prior to becoming interim President and Chief Executive Officer of the Company in September of 2017, Mr. Benoit was a “named executive officer” of the Company by virtue of his service as the Company’s Senior Vice President – Finance, Chief Financial Officer and Treasurer. Accordingly, information about Mr. Benoit’s employment and other agreements with the Company is set forth in the Company’s definitive proxy materials filed on March 31, 2017.
Appointment of Chief Financial Officer, Treasurer and Controller; Salary Adjustment
On March 6, 2018, the Board appointed Robert J. Doffek, the Company’s Controller and Chief Accounting Officer, to serve as Chief Financial Officer, Treasurer and Controller of the Company, effective March 6, 2018.
Mr. Doffek, age 55, has served as the Company’s Controller and Chief Accounting Officer since April 1, 2016, and, prior to that, served as the Company’s Assistant Controller since November 2015. Prior to joining the Company, Mr. Doffek worked for Northeast Utilities (now Eversource) where he held a number of leadership positions with increasing responsibilities in finance and accounting and participated in the regulatory process.
Effective as of March 6, 2018, as Chief Financial Officer, Treasurer and Controller of the Company, Mr. Doffek will receive annual base salary at the rate of $225,000, an annual PSP target equal to 35% of base salary and a long-term incentive target equal to 20% of base salary.
Mr. Doffek does not have a family relationship with any director or executive officer of the Company and has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K.
Item 8.01Other Events
Press Release
On March 7, 2018, the Company issued a press release related to the announcement of the appointment of President and Chief Executive Officer and the appointment of Chief Financial Officer, which is attached to this report as Exhibit 99.1 as is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
The following document is filed herewith as an exhibit hereto:
(d) Exhibits
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99.1 |
Company press release dated March 7, 2018. |
EXHIBIT INDEX
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Exhibit No. |
Description |
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99.1 |
Company press release dated March 7, 2018.
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CONNECTICUT WATER SERVICE INC / CT ExhibitEX-99.1 2 exhibit991-benoitnamedctws.htm CTWS PRESS RELEASE 2018-03-07 Exhibit Connecticut Water Service,…To view the full exhibit click here
About Connecticut Water Service, Inc. (NASDAQ:CTWS)
Connecticut Water Service, Inc. is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc. (NEWUS) and Chester Realty Company (Chester Realty). It operates through three segments: Water Operations, Real Estate Transactions, and Services and Rentals. The Water Operations segment consists of its regulated water activities to supply public drinking water to customers. The Real Estate Transactions segment involves the sale or donation for income tax benefits of its real estate holdings. The Services and Rentals segment provides contracted services to water and wastewater utilities and other clients, and also leases certain of the Company’s properties to third parties through unregulated companies in the State of Connecticut and through Maine Water in the State of Maine.