SEC investigation prompts naming of CalWater acting CFO
John S. Tootle chosen as acting chief financial officer, while Richard D. Nye is placed on administrative leave due to civil litigation filed against him by the SEC related to positions he held at a prior company, not CalWater...
SAN JOSE, CA, Sept. 29, 2005 (BUSINESS WIRE) -- The California Water Service Group Board of Directors yesterday named John S. Tootle as acting vice president, chief financial officer and treasurer and placed Richard D. Nye on administrative leave following civil litigation filed against Nye by the U.S. Securities and Exchange Commission (SEC); the SEC's allegations against Nye relate solely to his prior positions at another company and have no relationship to California Water Service Group.
Tootle served as California Water Service Group's corporate counsel prior to assuming this position. He joined the company in May of 2000 when it acquired Dominguez Services Corp., where he had served as CFO since 1987. Before joining Dominguez Services Corp.'s executive team, Tootle served as CFO for United Business Interiors, senior internal auditor for Republic Corp., and auditor for PricewaterhouseCoopers. An attorney and certified public accountant, he brings more than 25 years of financial experience to the position.
Peter C. Nelson, president and CEO, said, "This SEC action relates solely to another company. Cal Water has always maintained the highest standards for its internal controls and financial reporting. We received an unqualified opinion from our independent auditors regarding management's assessment of our internal controls for the year ending December 31, 2004. Our controls are documented and tested throughout the year. Separately, our independent auditors issued an unqualified opinion on our financial statements for 2004. I am confident in our ability to continue to meet the highest standards in our financial management of the company."
California Water Service Group (www.calwatergroup.com) is the parent company of California Water Service Co., Washington Water Service Co., New Mexico Water Service Co., Hawaii Water Service Co. Inc., and CWS Utility Services. Together these companies provide regulated and non-regulated water service to more than 2 million people in 100 California, Washington, New Mexico, and Hawaii communities.