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American States Water Company (NYSE:AWR) and Golden State Water Company, both subsidiaries under the organization name 01 Energy & Transportation, have announced new executive compensation arrangements. On Monday, the independent members of the Board of Directors, following the Compensation Committee’s recommendations, approved the base salaries for the year 2025 for several top executives.
The President and Chief Executive Officer Robert J. Sprowls will receive a base salary of $975,000. Eva G. Tang, who holds multiple roles including Senior Vice President – Finance, Chief Financial Officer, Corporate Secretary of American States Water Company, and Treasurer, will have a base salary of $630,400. Paul J. Rowley, the Senior Vice President – Regulated Water Utility of Golden State Water Company, will earn $488,900. Christopher H. Connor, Senior Vice President – American States Utility Services, Inc., is set to receive $430,200, and Gladys M. Farrow, holding several vice-presidential and secretarial roles, will have a base salary of $391,800. The company has demonstrated strong dividend performance, having raised its dividend for 32 consecutive years, as noted by InvestingPro.
These financial adjustments reflect the company’s commitment to compensating their key officers and align with the industry’s standards for such positions. The decision was formalized in a Form 8-K filing with the Securities and Exchange Commission (SEC) on Thursday.
American States Water Company and Golden State Water Company operate within the water supply sector, classified under the Standard Industrial Classification code 4941. Both companies are incorporated in California and share the same business address in San Dimas, CA.
The information disclosed in this article is based on the latest SEC filing by the companies and provides investors with updated insights into the company’s governance and management compensation structures.
In other recent news, American States Water Company has reported solid growth for the third quarter, with an increase in earnings per share (EPS) to $0.95, up from $0.85 in the same quarter the previous year. The growth was primarily fueled by rate increases in the Water segment and investment gains, despite rising operating expenses and interest costs. The company’s capital expenditures are projected to be between $210 million and $230 million for the full year, with significant investments made in infrastructure and new construction projects.
In other developments, American States Water Company has adjusted the base salaries for its top executives. The CEO, Robert J. Sprowls, will receive a base salary of $975,000, while other key officers will also see adjustments to their salaries. The changes reflect the company’s commitment to maintaining competitive compensation for its management team.
Meanwhile, BofA Securities has downgraded American States Water stock from Neutral to Underperform and reduced the price target to $71 from the previous $85. This adjustment reflects concerns over the company’s stock trading at a significant premium compared to its peers within the water utility sector. Despite this, BofA Securities acknowledged American States Water as one of the best-managed water utilities.
Lastly, BofA Securities initiated coverage on American States Water with a Neutral rating, citing the company’s high-quality utility profile, strong balance sheet, and history of delivering returns that exceed the regulated average return on equity. However, the firm expressed a general preference for value in the water sector, anticipating further multiple compression relative to electric utilities.
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