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Artesian Resources Corporation (NASDAQ:ARTNA), a Delaware-based water supply company with a market capitalization of $352 million and impressive 9.2% revenue growth over the last twelve months, disclosed changes to executive compensation and board structure in a recent SEC filing. According to InvestingPro data, the company maintains a solid dividend yield of 3.52%. On Monday, the company’s Compensation Committee authorized a salary increase for CEO and President Nicholle R. Taylor, raising her base pay to $565,000. Additionally, Taylor was awarded 1,000 shares of Class A non-voting common stock.
The board also decided to eliminate the board fees for Taylor, who in 2024 received an annual retainer of $67,000, alongside a similar stock award for her board services. This decision was recommended by the Compensation Committee and approved by the Board on Tuesday. Notably, InvestingPro analysis reveals the company has maintained dividend payments for 32 consecutive years, demonstrating strong financial discipline.
During the annual shareholder meeting on Tuesday, Taylor was re-elected to serve a three-year term on the board. The election was exclusive to Class B Common Stockholders, with Taylor receiving 737,335 votes for, 19,705 against, and no withheld or broker non-votes.
The board’s composition remains unchanged post-meeting, with Dian C. Taylor, Michael Houghton, and John R. Eisenbrey, Jr. continuing their director roles. However, Kenneth R. Biederman’s resignation as a director, effective the same day of the annual meeting, was previously announced on February 4, 2025.
The information in this article is based on an 8-K filing with the SEC. Currently trading at a P/E ratio of 16.56, InvestingPro analysis suggests the stock is fairly valued, with additional metrics and insights available to subscribers, including exclusive ProTips and detailed financial health scores.
In other recent news, Artesian Resources Corp has appointed Nicholle R. Taylor as its new Chief Executive Officer and President, effective February 22, 2025. Taylor, who has been with the company since 1991, was previously serving as the interim CEO and President from January 3, 2025. She succeeds Dian C. Taylor, who stepped down from these roles on the same day. Nicholle R. Taylor has held various management positions within Artesian Resources, including Senior Vice President since May 2012 and President of Artesian Water Company since August 2021. The company’s SEC filing indicates no specific arrangement or understanding led to Taylor’s appointment, nor are there any transactions involving her requiring further disclosure. Details about any additional compensation for Taylor in her new roles will be determined by the Board at a later date. This leadership transition is expected to leverage Taylor’s extensive experience to guide Artesian Resources’ future direction.
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