Every material Form 8-K Middlesex Water filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Middlesex Water Company named Gregory Sorensen as Vice President and Chief Operating Officer, effective December 16, 2024, as part of succession planning and organizational realignment. He reports directly to the President and Chief Executive Officer and will oversee engineering and operations functions. The filing also discloses that Engineering executive G. Christian Andreasen is retiring.
Sorensen's base salary is $475,000 per year, with a target annual equity grant of 30% of base salary beginning in 2025.
He receives a supplemental equity grant of shares valued at $120,000, which fully vest one business day after award.
Sorensen was most recently President, West Region, at Liberty Utilities, with regulated utility revenue of over $400 million under his oversight.
The company also announced the retirement of G. Christian Andreasen, Vice President, Enterprise Engineering.
Middlesex Water told six executives, including Bernadette Sohler and G. Christian Andreasen, that their existing change-in-control agreements will not be extended past December 31, 2024. On November 1, 2024, it signed new 2025 agreements with five executives (Kooper, Ginegaw, Fullagar, Simpson and Capko), and on November 4, 2024 it amended CEO Nadine Leslie's agreement. The filing describes severance benefits payable if an executive is terminated without cause or resigns for good reason within two years after a change in control.
Notice on November 1, 2024 that existing agreements with Bernadette Sohler and G. Christian Andreasen and five other executives will not be extended past December 31, 2024
New 2025 Change in Control Agreements signed November 1, 2024 with Jay Kooper, Lorrie Ginegaw, Robert Fullagar, Georgia Simpson and Robert Capko, effective January 1, 2025
Change in Control Amendment with President and CEO Nadine Leslie signed November 4, 2024
Middlesex Water reported third quarter 2024 results on October 31, 2024, with diluted earnings per share of $0.80 versus $0.56 a year earlier and revenue of $55.1 million, up $8.4 million. The company also raised its quarterly dividend 4.62% to $0.34 per share, lifting the annual rate to $1.36 from $1.30.
Q3 2024 net income was $14.3 million, up $4.3 million from the same period in 2023.
Nine-month diluted EPS was $1.98 versus $1.44, helped in part by a one-time recovery of $6.8 million in prior period costs at the Park Avenue Wellfield.
Quarterly dividend of $0.34 per share is payable December 2, 2024, to holders of record as of November 15, 2024.
Operations and maintenance expenses for the quarter rose $2.8 million, driven by legal, financial and regulatory matter costs among other factors.
Middlesex Water Company said Vice President of Corporate Affairs Bernadette M. Sohler will retire effective December 31, 2024, after 30 years with the company. The company said her current role is being reevaluated as part of an organizational realignment under new leadership, with the selection process to follow.
Bernadette M. Sohler, Vice President of Corporate Affairs, retires effective December 31, 2024; she joined in 1994 and became a vice president in 2007.
The company hired Jennifer Ketschke as an investor relations director, reporting to the Senior Vice President, Chief Financial Officer and Treasurer.
Sohler's current role is being reevaluated, and the company said the selection process will follow in due time.
Summer DeFeo, Director of Communications, will continue to support other corporate affairs activities.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Middlesex Water filing is on SEC EDGAR ↗. 8-K briefs of other companies →