WEST COVINA, Calif., Oct. 24, 2002 -- In response to recent growth, Southwest Water Co. announced two significant changes in its senior executive team.
Peter J. Moerbeek, formerly chief financial officer, was named president of the company's Services Group, and Richard J. Shields joined Southwest Water as chief financial officer.
Anton C. Garnier, Southwest Water president and CEO, said, "We recently formed the Southwest Water Company Services Group as an umbrella for our non-regulated businesses. The Services Group includes our contract operations companies, ECO Resources, Inc., Operations Technologies, Inc., CDC Corporation and the recently announced purchase of AquaSource, Inc.'s Colorado and Houston-area contract operations business. The group also includes our utility submetering company, Master Tek International, Inc.
"One of the main reasons for creating the Services Group is that over the past five years, revenue from non-regulated operations has doubled. We expect that, by year-end, annualized revenues from our non-regulated businesses will approach $100 million. The new structure will help us to more effectively achieve our goal of integrating financial and information technology systems, while enhancing our local market presence."
Garnier continued, "Since 1997, Pete Moerbeek has served both as corporate chief financial officer and president of our largest contract operations subsidiary, and he has also played a key role in the success of our acquisition strategy. Under the new structure, he will have overall responsibility for the entire Services Group, and I am confident of his ability to effectively manage its continued development as the growth engine of Southwest Water. Pete will continue to serve as a member of our board of directors."
Garnier concluded, "As our new chief financial officer, Rich Shields brings a strong blend of experience and expertise to the company. His background with high-growth companies will be of significant value to Southwest Water as we work to further the growth of both our Services Group and our Utility Group."
Commenting on his appointment, Shields said, "Southwest Water is well positioned for continued growth, as demonstrated in the recent announcements of the $10 million acquisition of AquaSource operations, and the construction of a $25 million reverse osmosis water treatment plant in San Juan Capistrano. I look forward to joining Southwest Water's outstanding management team and building on their momentum."
Shields, 45 and a CPA, comes to Southwest Water from Day Software, Inc., a provider of enterprise content management software and digital content management consulting with operations throughout Europe and North America. His career also includes senior financial executive positions with Winfire, Inc., a broadband Internet service provider; Frame-n-Lens Optical, a national retail eyeglass manufacturer; and AST Research, Inc., an international manufacturer and distributor of personal computers.
Earlier in his career, Shields worked with Taco Bell Corporation and as an auditor with Price Waterhouse. He holds an MBA in finance and marketing from the University of Notre Dame and a BA in accounting from Eastern Washington University.
Southwest Water Company provides a broad range of services, including water production, treatment and distribution, wastewater collection and treatment, public works services and utility submetering. The company owns regulated public utilities and also serves cities, utility districts and private companies under contract. More than two million people in 31 states from coast to coast depend on Southwest Water for high-quality, reliable service.
Source: Southwest Water Company
