Aqua America Names Laughman as Aqua Texas President
BRYN MAWR, Pa., Feb 26, 2007 (BUSINESS WIRE) -- The Board of Directors of Aqua America, Inc. has approved the promotion of Aqua Texas, Inc. Chief Operating Officer Bob Laughman to president of Aqua Texas.
"I am pleased that our Board of Directors has approved Bob's promotion, recognizing the key role he's played in our company's success during his tenure with Aqua," said Aqua America Chairman and CEO Nicholas DeBenedictis. "Under Bob's leadership, Aqua Texas has gone from negative net income in 2003 to becoming one of our financially strongest southern states in 2006."
Aqua Texas is the state's largest investor-owned water and wastewater company, serving nearly 155,000 people in 49 counties. Laughman is credited with improving the company's financial picture by expanding its customer base and by establishing more efficient operations through better administration and reorganization. Laughman has overseen a $50 million capital program over the last three years, which has resulted in the clean-up of more than approximately 200 environmental compliance violations inherited from the previous owner.
A resident of Houston, Laughman was named chief operating officer of Aqua Texas in July 2003. He is responsible for all administrative and financial matters related to Aqua's budget, operational costs and capital expenditures.
Prior to joining Aqua, Laughman worked as a Senior Client Partner for Korn/Ferry International, the world's largest retained executive search firm, where he was primarily responsible for board member selection for mid-sized companies and senior executive placement for merchant water and energy companies. From 1999 to 2003, he ran his own consulting business, Laughman and Company, which specialized in strategic planning and business development for growth-driven companies.
Laughman's previous experience also includes serving as Executive Vice President of Professional Service Group, Inc., a large national provider of outsourcing services to the water and wastewater industries, and as President of United Water Services, Inc. He holds a B.S. in engineering from Texas A&M University. He is a member and past President of the Independent Water & Sewer Companies of Texas, a state trade association of privately owned water and wastewater companies.
Aqua America, Inc. is a publicly-traded water utility holding company, with operating subsidiaries serving approximately 2.8 million residents in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina. Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR.
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SOURCE: Aqua America, Inc.
Aqua America, Inc. Terry Maenza, 610-645-1175 tmmaenza@aquaamerica.com
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