CLINTON, Conn., March 21, 2014 (GLOBE NEWSWIRE) -- The Board of Directors of Connecticut Water Service, Inc. (Nasdaq:CTWS) at its Board meeting on March 12, 2014, unanimously approved the promotion of David C. Benoit to Senior Vice President, Treasurer and CFO, effective April 1, 2014.
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David, who joined the company in 1996, had served as the Vice President, Treasurer and CFO. Eric W. Thornburg, President and CEO of Connecticut Water, commented, "David has provided us with outstanding leadership and financial expertise. He expertly leads the finance and accounting team, and honors and reflects the company's core values." His recent work on the stock issuance in December 2012, our rate settlement to implement the repair tax accounting treatment, and the acquisitions of 32,000 customers between Maine Water and Biddeford and Saco Water Company are just examples of the many successful efforts he has led.
Carol Wallace, Lead Director of the Board, noted, "Mr. Benoit's strategic thinking and financial acumen has delivered exceptional results for the company and our shareholders." She continued, "Over the last three years, David has led us to the top tier of our peer group in Total Shareholder Value added."
In 2013 the Company produced a total return for shareholders of 23% placing CTWS in the top quartile of publicly traded water utilities and exceeding the broader S&P Utility Index. During 2013 Standard and Poor's affirmed the Company's "A" rating.
Connecticut Water Service, Inc. is the largest publicly traded water company based in New England. Through its wholly-owned public water utility subsidiaries, The Connecticut Water Company and The Maine Water Company, the Company provides drinking water to 122,000 customers, or about 400,000 people, throughout the states of Connecticut and Maine.
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CONTACT: News Media Contact: Daniel J. Meaney, APR Director of Corporate Communications Connecticut Water Company (860) 664 6016 firstname.lastname@example.org
Source:Connecticut Water Service, Inc.