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NEWARK, Del. - Artesian Resources Corporation (NASDAQ:ARTNA), a $348.5 million water utility company currently trading near its InvestingPro Fair Value, announced Tuesday the appointment of Salvatore J. "Chip" Rossi to its Board of Directors, according to a company press release.
Rossi, who recently retired from Bank of America, will serve as an independent board member and financial expert on the Audit Committee. During his tenure at Bank of America, which began in 1989, Rossi served as president of Bank of America Delaware and head of the bank’s Prepaid Card Unemployment Programs.
His previous roles at the financial institution included Global Compliance and Operational Risk Operations executive and Consumer and Global Wealth & Investment Management Chief Risk Officer.
"Chip’s background in financial management and risk oversight well positions him as a new independent member of our Board of Directors and financial expert on the Audit Committee," said Nicki Taylor, Chair, President and CEO of Artesian.
Rossi currently serves on several boards including Delaware State University, ChristianaCare, The Grand Opera House and REACH Riverside. He is also a member of the Delaware State Chamber Board of Governors and the Delaware Business Roundtable.
Artesian Resources operates as a holding company for subsidiaries that provide water and wastewater services on the Delmarva Peninsula, which includes parts of Delaware, Maryland and Pennsylvania. Its principal subsidiary, Artesian Water Company, supplies 9.5 billion gallons of water annually through 1,491 miles of water main to over a third of Delaware residents. The company has demonstrated solid financial performance with revenue growth of 8.3% over the last twelve months to $109.3 million. InvestingPro data shows the stock trades at a P/E ratio of 16.3, with analysts setting a target price of $46.A standout feature of Artesian Resources is its impressive dividend track record. According to InvestingPro, the company has maintained dividend payments for 33 consecutive years and currently offers a 3.7% yield. Subscribers can access additional insights and 12+ more ProTips about ARTNA’s financial health and growth prospects.
In other recent news, Artesian Resources Corporation has received a delisting notice from Nasdaq due to non-compliance with listing requirements. The company failed to meet rules that require a majority of the board of directors to be independent and an audit committee with at least three independent directors. This issue arose after a director’s resignation, which was disclosed earlier this year. Artesian Resources is actively seeking a qualified independent director to address this compliance issue and is utilizing the cure period provided by Nasdaq to regain compliance. Additionally, the company’s Compensation Committee has approved a salary increase for CEO Nicholle R. Taylor, raising her base pay to $565,000. Taylor was also awarded 1,000 shares of Class A non-voting common stock, and the board fees for her have been removed. During the recent annual shareholder meeting, Taylor was re-elected to serve a three-year term on the board. The board’s composition largely remains the same, despite the resignation of Kenneth R. Biederman as a director.
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