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ISELIN, N.J. - Middlesex Water Company (NASDAQ:MSEX), a provider of water and wastewater services with a market capitalization of $1.02 billion and revenue growth of 16% over the last twelve months, announced the appointment of Nadine Leslie as the new Chair of the Board today. Leslie, who has been serving as the President and CEO since March 2024, succeeds Dennis W. Doll, following his retirement after a 20-year contribution to the company.
The company’s board also appointed Amy Mansue as Lead Independent Director, a position aimed at enhancing the board’s independence and governance oversight. Leslie expressed gratitude to Doll for his leadership and to Walter G. Reinhard, the outgoing Lead Independent Director, for their guidance during the company’s transitional phase. According to InvestingPro, the company maintains strong financial health with a Fair overall rating and analysts expect continued profitability this year.
Leslie’s tenure as President and CEO marked a significant period of organizational transformation for Middlesex Water Company. With over three decades of experience in the regulated utility industry, Leslie’s background includes senior executive roles in various sectors, including her role as CEO of SUEZ North America.
Amy Mansue, with a decade-long service on the Middlesex Water Company’s Board and her current role as President and CEO of Inspira Health, brings a wealth of knowledge and a commitment to shareholder value to her new role as Lead Independent Director.
Middlesex Water Company, established in 1897, serves over half a million people in New Jersey and Delaware. The company prides itself on employee engagement, operational excellence, and investment in infrastructure, focusing on delivering value to customers, investors, and the communities it serves.
This leadership transition is part of the company’s ongoing commitment to strong governance and strategic growth. The information is based on a press release statement issued by Middlesex Water Company.
In other recent news, Middlesex Water Company announced an at-the-market equity offering agreement to sell common stock shares worth up to $110 million. The company has partnered with BofA Securities, Inc., Robert W. Baird & Co. Incorporated, and Janney Montgomery Scott LLC as sales agents for this initiative. The proceeds from this offering are intended to fund capital expenditures, purchase and maintain plant equipment, and support other general corporate purposes. This move aligns with Middlesex’s strategic goals to bolster growth and operational requirements.
Additionally, Baird analysts have upgraded Middlesex Water’s stock rating from Neutral to Outperform, setting a price target of $61.00. This upgrade comes on the heels of Middlesex Water’s strong fourth-quarter performance, which exceeded Baird’s expectations across all major financial metrics. Analysts noted the company’s long-term growth estimates for capital investment, which were included in the annual report and surpassed previous forecasts. Despite expectations for lower total capital expenditures in 2024, Middlesex Water is maintaining its investment trajectory, even amid challenges like rising capital costs and PFAS contamination issues. Baird’s optimistic outlook reflects confidence in Middlesex Water’s long-term investment strategy and potential for future growth.
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