Press release from CNW Group
GWR Global Water Resources Corp. announces completion of next phase of succession planning
Wednesday, May 14, 2014
GWR Global Water Resources Corp. announces completion of next phase of succession planning07:00 EDT Wednesday, May 14, 2014
PHOENIX, AZ, May 14, 2014 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) (OTCQX: GWGWF) (the "Company") and Global Water Resources, Inc. ("Global Water") today announced the expected changes associated with their executive management transition and succession plan. Ron Fleming, President and Chief Operating Officer of the U.S. company, Global Water, has been appointed as interim CEO for both companies. Trevor Hill, Chairman of the Board, has stepped down as Chief Executive Officer of the Company. Cindy Bowers has completed her four year commitment to serve as Chief Financial Officer and will transition to Executive Vice President of Investor Relations for the remainder of the year, as well as remain on the Board of Directors for the U.S. company. Mike Liebman will succeed her as Senior Vice President and Chief Financial Officer.
"In light of our strategic plan to surface the value of our core existing regulated utility assets and the substantial progress made to that end, the Board has unanimously approved the next phase of the Company's succession plan, put in place eighteen months ago. The transition plan ensures the continuity of leadership, the retention of institutional knowledge and an overall reduction in costs. We believe we have found the appropriate balance within our governance and management structures while maintaining maximum value for our shareholders," said Trevor Hill, Chairman of the Board. "I have tremendous confidence in the Executive Team and I fully believe they will continue to surface and deliver the value of our utilities in these new roles. These changes are the next steps in an ongoing transition and succession plan and will ensure that the right team is in place now, and at all stages into the future."
Ron Fleming has worked with Global Water for ten years, during which time he has directly managed all areas of the business. For the past four years he has run the entire utility division, making him exceptionally experienced and uniquely qualified for this role. Mike Liebman came to Global Water with more than 14 years of finance and management experience and has demonstrated his expertise and strength since joining the Company in October 2013.
"We are grateful to Cindy for her dedication to Global Water and her exceptional performance and leadership through the first ten years," said Mr. Hill. "Cindy was instrumental in helping us build value in Global Water. I believe her transition to investor relations coupled with her board role provides the optimal balance of mentorship for our team and continued oversight of the ongoing operations."
Hill stated, "I will continue to work closely with Ron, Mike and Cindy as I have always done. I am delighted to have such capable and willing executives to assume these leadership positions and I am pleased with the progress we have made over the last several years which is now starting to be reflected in our share price. As an original founder and significant shareholder in the company, my interests are highly aligned with our investors. You can rest assured that I will remain actively engaged until such time as the full value of the companies is realized."
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of U.S. based Global Water and to actively participate in the management, business and operations through its representation on the board of directors of Global Water and its shared management of Global Water.
About Global Water
Global Water is a pure-play, high-growth water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These forward looking statements include, but are not limited to our plans, objectives, expectations and intentions, and other statements contained in this release that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors and other factors discussed under the heading "Risk Factors" in the Company's most recent Annual Information Form. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
SOURCE GWR Global Water Resources Corp.
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