Artesian Resources announces board member resignation

Artesian Resources Corporation (NASDAQ:ARTNA), a water supply company with a market capitalization of $313 million, announced today that Kenneth R. Biederman has decided to step down from his role as a director of the company. His resignation will be effective on May 6, 2025, coinciding with the date of the company’s annual meeting of stockholders.

Biederman has served on various committees within the board, including the Audit Committee, the Budget and Finance Committee, the Compensation Committee, and the Governance and Nominating Committee. The company expressed its gratitude for Biederman’s valuable insights and contributions during his tenure. According to InvestingPro data, the company maintains strong governance practices and has demonstrated consistent financial performance, with a healthy current ratio of 1.22 and revenue growth of 6.25% in the last twelve months.

The announcement, based on a recent SEC filing, clarified that Biederman’s departure is a personal decision and is not due to any disagreements with the company’s operations, policies, or practices. The filing did not mention any immediate plans for a successor or how the company intends to fill the vacancy on the board and its committees.

Artesian Resources, headquartered in Newark, Delaware, is recognized within the Standard Industrial Classification for Water Supply. The company is incorporated in Delaware and has been a longstanding player in the water utility sector.

Investors and stakeholders of Artesian Resources may anticipate further announcements regarding the transition plan for Biederman’s responsibilities and the impact, if any, on the company’s governance and oversight functions. The information disclosed is based on the company’s recent SEC filing.

In other recent news, Artesian Resources Corp. has undergone a significant shift in its leadership team. The company’s long-standing CEO, President, and Chair of the Board, Dian C. Taylor, has taken a paid leave from her executive roles. Nicholle R. Taylor, a veteran of the company since 1991, has been appointed as the interim CEO and President.

Nicholle R. Taylor, who has held various management and operational roles within the company, will continue to serve as Senior Vice President during her interim tenure. The company has assured that there are no undisclosed arrangements or transactions involving Nicholle R. Taylor that would require financial disclosure.

Meanwhile, Dian C. Taylor will maintain her position as the Chair of the Board during her leave. The company has not released further details regarding the circumstances or duration of Dian C. Taylor’s leave. These are the latest developments in the company’s management structure.

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