SJW Group Appoints James P. Lynch as Chief Accounting Officer, Andrew Walters as Chief Financial Officer; San Jose Water appoints Peter Fletcher as vice president
SAN JOSE, Calif., January 28, 2022–(BUSINESS WIRE)–The Board of Directors of SJW Group (NYSE: SJW) has appointed James P. Lynch as Chief Accounting Officer and Andrew F. Walters as Chief Financial Officer. Peter Fletcher has been named Vice President – Chief Information Security Officer of San Jose Water Co., a wholly owned subsidiary of SJW Group. The appointments took effect on January 26. Both Lynch and Walters have held leadership positions within the SJW Group.
Lynch, who had served as chief financial officer and treasurer since 2010, assumed the role of chief executive. In this role, he will continue to be responsible for all aspects of financial reporting, leading the company’s accounting team to ensure compliance with accounting practices and providing strategies for credit ratings. Lynch has extensive accounting and auditing experience, with a 26-year career at KPMG LLP which included responsibilities as an audit partner.
Walters, who most recently served as Director of Business Development and Head of Integration, has worked for SJW Group since 2014. In his new role, he will be responsible for business planning, growth and development. , as well as treasury, investor relations and other related functions. Prior to joining SJW Group, Walters was Managing Director and Principal Investor for JP Morgan’s Infrastructure Investment Group. Prior to JP Morgan, he gained extensive experience in mergers and acquisitions, finance and private equity fundraising as Managing Director and Head of Infrastructure Investment Banking for the Americas at Citigroup.
Eric W. Thornburg, Chairman, President and CEO of SJW Group, said, “These two new roles, both of which will report directly to me, place Jim and Andrew in positions where they can leverage their expertise and of their individual backgrounds to better serve our growth. and a more complex organization. These appointments also enhance the organization’s succession planning efforts. SJW Group’s transformation into a multi-state water and wastewater company with operations in California, Connecticut, Maine and Texas added to the complexity of accounting and financial reporting. Jim’s extensive experience in these areas are well suited to meet these growing challenges. Likewise, the expansion of our footprint has increased the focus on business planning, acquisitions and earnings growth that can be supported by Andrew’s expertise.
Fletcher has been with San Jose Water since 2016 and most recently served as senior director of cybersecurity and networks. In his new role as Vice President – Chief Information Security Officer, he will have responsibilities across all SJW Group operations.
Thornburg said, “Last fall, I was privileged to be invited by the White House to join a select group of business, national security and academic leaders to discuss cybersecurity. The discussions reinforced the importance of sharing information and resources between business, government, academia We are fortunate to have the expertise of Peter, a recognized leader in the field of cybersecurity, to lead our efforts company-wide and within our industry in this critical area.
Lynch holds a Bachelor of Commerce degree from Santa Clara University. Walters holds a bachelor’s degree in business administration from Colorado State University. And Fletcher holds an associate degree in accounting, mathematics and statistics from Southdowns College in the UK.
About SJW Group
SJW Group is one of the largest investor-owned water and wastewater utilities in the United States, providing vital, high-quality water service to approximately 1.5 million people. Locally owned and operated water utilities by SJW Group – San Jose Water Co. in California, The Connecticut Water Co. in Connecticut, The Maine Water Co. in Maine and SJWTX Inc. (dba Canyon Lake Water Service Co .) in Texas – have the financial strength, operational expertise and technological innovation to protect the environment, provide exceptional service to customers and provide opportunity for employees. SJW Group remains focused on investing in its operations, remains actively engaged in its local communities and delivers continued sustainable value to its shareholders. For more information about the SJW Group, please visit www.sjwgroup.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes”, “expects”, “may”, “will”, “should”, “seek”, “approximately”, “has intention”, “plans”, “estimates”, “projects”, “strategy” or “expects”, or the negative of these words or any other comparable terminology. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict.
These forward-looking statements involve a number of risks, uncertainties and assumptions, including, but not limited to, the following factors: (1) the effect of government policies and regulations relating to water, utilities, environmental and other services, including actions regarding tariffs, authorized returns on equity, authorized capital structures, capital expenditures and other decisions; (2) changes in demand for water and other services; (3) the impact of the coronavirus (“COVID-19”) pandemic on our business operations and financial results; (4) unforeseen weather conditions and changes in seasonality, including those affecting water supply and customer usage; (5) climate change and its effects; (6) unforeseen costs, charges or expenses; (7) our ability to successfully evaluate investments in new businesses and growth initiatives; (8) contamination of our water supplies and damage to or failure of our water equipment and infrastructure; (9) the risk of work stoppages, strikes and other work-related actions; (10) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber attacks, epidemics or similar events ; (11) changes in general economic, political, business and financial conditions; (12) the ability to obtain financing on favorable terms, which may be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding debt; and general market and economic conditions; and (13) legislative and general market and economic developments. Risks, uncertainties and other factors may cause SJW Group’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
One-quarter results are not indicative of full-year results due to seasonality and other factors. Other factors that could cause actual results, performance or achievements to differ materially are described in SJW Group’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Forward-looking statements are not guarantees of performance and speak only as of the date they are made. SJW Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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SJW Group Contact:
Vice President, General Counsel and Corporate Secretary