SouthWest Water Adds Two Directors to Board, Announces Corporate Governance
-- Company Sets October 23 for Annual Meeting --
LOS ANGELES -- August 12, 2009
SouthWest Water Company (Nasdaq:SWWC) today announced the addition of two new
directors to its board, Bruce C. Edwards and Kimberly Alexy, effective August
10, 2009. The company also set October 23, 2009 as the date for its 2009
annual shareholders’ meeting and September 11, 2009 as the record date for
shareholders eligible to vote at the meeting.
The company also announced that the board amended the company’s corporate
governance guidelines, lowering the mandatory retirement age of directors to
72 from 75 and separating the role of chairman and chief executive officer.
These two changes will go into effect immediately following the 2009 annual
shareholders meeting, with the new chair to be named at that time. As a result
of the board’s actions, the number of directors is increased to 10 until the
company’s 2010 annual meeting, currently scheduled for May 2010, when four
directors will retire.
“The board’s actions, including separating the chairman and chief executive
officer roles, will strengthen the governance of SouthWest Water,” said Mark
Swatek, chief executive officer. “Moreover, the transitional period leading to
the 2010 annual meeting will ensure that the institutional knowledge of the
retiring directors will be passed on to the new members.”
Edwards, 55, is currently a director on the boards of Emulex Corporation and
Semtech Corporation. He also teaches the Corporate Governance and Control
course in the graduate program at Chapman University. Edwards previously was a
director and chief executive officer of Powerwave Technologies, Inc. and had
an 11-year career at AST Research, Inc., serving as executive vice president
and chief financial officer, as well as a member of the board.
Alexy, 39, a Chartered Financial Advisor, currently is a member of the boards
of CalAmp and Dot Hill Systems. She is the Principal of Alexy Capital
Management, a private investment management firm that she founded in 2005. She
previously was senior vice president/managing director of equity research for
Prudential Securities, focusing on the technology sector and receiving top
analyst rankings from the Wall Street Journal and Institutional Investor
magazine. Prior to Prudential, Alexy was vice president of equity research
with Lehman Brothers.
About SouthWest Water
SouthWest Water Company provides a broad range of operations, maintenance and
management services, including water production, treatment and distribution;
wastewater collection and treatment; customer service; and utility
infrastructure construction management. The company owns regulated public
utilities and also serves cities, utility districts and private companies
under contract. More than a million people in nine states depend on SouthWest
Water for high-quality, reliable service. Additional information may be found
on the company’s website: www.swwc.com.
SouthWest Water Company
VP Corporate Communications
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