Essential Utilities Announces Appointment of W. Bryan Lewis to Board of Directors

Rhea-AI Summary

Essential Utilities Inc. (NYSE: WTRG) appointed W. Bryan Lewis to its board of directors, enhancing its governance with his extensive investment expertise. Lewis, the chief investment officer at United States Steel Corporation, has a successful track record of managing large pension funds and reducing investment risks. His appointment aligns with Essential's commitment to diversity and growth. The company, serving 5.5 million customers in 10 states, focuses on water, wastewater, and natural gas services while prioritizing infrastructure investment and environmental stewardship.

Positive

• Bryan Lewis brings extensive experience in managing multibillion-dollar investments, expected to enhance financial strategies.
• His background in public pensions may strengthen the company's investment policies.
• Lewis's dedication to diversity aligns with Essential's commitment to increasing representation within the organization.

Negative

• None.

BRYN MAWR, Pa.--(BUSINESS WIRE)-- Essential Utilities Inc. (NYSE: WTRG) announces the appointment of W. Bryan Lewis to the Essential board of directors. Lewis will serve as a member of the following board committees: audit and risk mitigation and investment policy.

Essential Utilities Announces Appointment of Bryan Lewis to Board of Directors (Photo: Business Wire)

Lewis is the vice president and chief investment officer for the United States Steel Corporation, where he is responsible for the company’s global investments for both the defined contribution and defined benefit plans, as well as other related programs. Since joining, investment returns and funded status of the defined benefit plans have increased, while investment risk and operational expenses have been significantly reduced for beneficiaries and participants.

In addition to his professional career, Lewis has been dedicated to increasing the financial literacy and leadership presence in underrepresented populations, serving on several nonprofit boards including the John Rex Endowment, AIF/National Institute of Public Finance, The Robert Toigo Foundation, the University of Miami Alumni Association, and the Financial Accounting Foundation.

“Bryan’s extensive background in leading multibillion-dollar investments and public pensions is invaluable to the future growth of Essential Utilities,” said Essential Chairman and CEO Christopher H. Franklin. “Moreover, his passion for racial equity is deeply aligned with our ongoing commitment to increase diversity at all levels of the organization.”

Prior to his appointment at U.S. Steel, Lewis managed a $30 billion pension fund for the Pennsylvania State Employees’ Retirement System (SERS), and previously served as the executive director of the $20 billion Illinois State Universities Retirement System. He holds an MBA from the University of Miami and a bachelor’s degree in economics from the University of Maryland College Park.

About Essential

Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5.5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

WTRGG

View source version on businesswire.com: https://www.businesswire.com/news/home/20221101005980/en/

Sarah Courtright

Communications Manager

Media Hotline: 1.877.325.3477

Media@Essential.co

Source: Essential Utilities Inc.

FAQ

Who is Bryan Lewis and what is his role at Essential Utilities?

Bryan Lewis is the newly appointed board member at Essential Utilities, responsible for overseeing audit, risk mitigation, and investment policy.

What are the main responsibilities of Bryan Lewis on the board of Essential Utilities?

Lewis will serve on the audit and risk mitigation and investment policy committees, contributing his extensive investment expertise.

How might Bryan Lewis's appointment impact Essential Utilities (WTRG)?

Lewis's investment management experience could enhance Essential's financial strategies and operational efficiencies, aligning with its growth objectives.

What is Essential Utilities' focus in the market?

Essential Utilities focuses on delivering water, wastewater, and natural gas services to approximately 5.5 million customers across 10 states.