Aqua America names new CEO

Aqua America Inc. on Wednesday named Christopher H. Franklin, an executive vice president who oversees Aqua's utility operations, to replace longtime CEO Nicholas DeBenedictis.

Franklin, 50, chief operating officer of Aqua's regulated water and wastewater operations, will take over on July 1. DeBenedictis, 69, who has been CEO since 1992, will become nonexecutive chairman of the Bryn Mawr company.

Franklin, who followed DeBenedictis from Peco to the water utility in 1992, was instrumental in the transformation of the local company, then called Philadelphia Suburban Water, into Aqua America, which now has operations in eight states.

"I am confident he's the best person to ensure that the company will continue its growth strategy and build on its financial strength," DeBenedictis said in a statement.

It's unlikely that Franklin will take Aqua in a dramatically different direction, at least immediately.

"I don't want to signal that there's going to be any major departure from being the best water and wastewater utility," Franklin said in a conference call.

The search for a successor to DeBenedictis took longer than expected - DeBenedictis had hoped the process would be finished by the annual meeting in May. The board interviewed numerous finalists inside and outside Aqua, including executives from non-water utilities.

"Ultimately, they didn't have to look too far," DeBenedictis told investment analysts Wednesday in a conference call.

The choice was unanimous, Aqua director Richard Glanton, who chaired the executive search committee, said in a statement.

Franklin in 2014 earned a salary of $339,471 and total compensation, including bonus and stock options, of $1.5 million.

DeBenedictis, the longest serving chief executive of a publicly traded company in the region, was paid a salary of $694,000 in 2014. With bonus, stock options, and other perks, his compensation amounted to $3.4 million.

Franklin, a native of Lansdale, received a bachelor's degree from West Chester University and a master's in business from Villanova University. He was an economic development officer at Peco before joining the water utility. His first job was as director, corporate and public affairs.

He serves on the governing bodies of Magee Rehabilitation Hospital, the Walnut Street Theatre, West Chester University, and the University of Pennsylvania. He also serves on the board of ITC Inc., an electric transmission utility in Michigan.

He lives in Tredyffrin with his wife, Jennifer, and their three children.

Aqua has three million customers in eight states, including Pennsylvania and New Jersey. It had revenue of $779.9 million and net income of $233.2 million last year.