New CEO evolving his own culture at Aqua
Imagine being Christopher Franklin, the new chief executive at Aqua America Inc., the Bryn Mawr-based water and wastewater-treatment firm. In Philadelphia business circles, everybody knows the guy who was CEO before him, Nick DeBenedictis - and not just because DeBenedictis spent 23 years with the title, until he retired June 30.
Imagine being Christopher Franklin, the new chief executive at Aqua America Inc., the Bryn Mawr-based water and wastewater-treatment firm.
In Philadelphia business circles, everybody knows the guy who was CEO before him, Nick DeBenedictis - and not just because DeBenedictis spent 23 years with the title, until he retired June 30.
DeBenedictis presided over the Greater Philadelphia Chamber of Commerce, held two cabinet positions in Harrisburg, and still sits on many boards - including those of Independence Blue Cross, Exelon Corp., Drexel University, PNC Bank, and, as a nonexecutive chairman, Aqua America.
Franklin, 50, Aqua's former president and chief operating officer, started as CEO July 1.
What is it like to follow someone like DeBenedictis?
First of all, I've worked for Nick for almost 25 years. So in some ways, we grew up in our careers together. I helped build some of what he has. I worked for him at Peco Energy, and then I worked for him here for 22 years. So I have seen the value of his stature, and I've watched his stature climb over the years. I will tell you this, too: He has earned it all. Nobody works harder than Nick DeBenedictis does.
Does all that stature stand in the way of your goals?
Now the beauty of how this has worked is Nick's staying on as chairman has allowed us to continue to capitalize on Nick's local iconic presence. I'm not going to get in the way of his external presence. Even if I wanted to, I couldn't. Instead, let's embrace it. Let's capitalize on it for the good of the company. Even though I've been tutored by Nick for many years and have learned a great deal from him, my style is very different than Nick's.
Will you lead a cultural change at Aqua?
It is an evolution, as opposed to a blowing up of the existing culture. If a CEO had come in from the outside, more likely than not, the way they would have put their stamp on is to change the culture and say, 'The old culture was Nick's; the new culture is mine.' I, on the other hand, have said there are a lot of really, really good things about our culture here. So we're evolving it, as opposed to throwing it out.
Your relationship was close as you advanced. Did you run the risk of being too closely identified with him?
What I tried to do all through the years I was with Nick was support him in the things that were most valuable to him. Then I tried to carve out some things - initiatives, let's call it - that I did and led myself, so that I could build a reputation for myself internally. You're not blessed by the board for this job because you just kind of went along. You really have to make a significant contribution.
As a water CEO, do you try to drive up revenues by taking long showers?
My showers are pretty quick, compared to my children, especially. Under 10 minutes.
Your job requires you to deal with many politicians. What are they like?
Political people are usually some of the most interesting people you'll ever meet.
Why is that?
They're typically very extroverted. Because they're with other people we know in the public realm and [because] they have private relationships and discussions with [them], they have a lot of good stories.
What about the egos?
Ego at a certain level of either business or politics is a protection mechanism. At a leadership level, you're going to take criticism. So in order to protect yourself, there's a certain level of confidence, ego, if you want to call it that, that needs to be part of your persona in order to survive.
You said you've been given advice on understanding the dynamics of corporate boards. What did you learn that others in your shoes should know?
Corporate boards are unique, because they're typically powerful, successful people who have an opinion, and they're all in a room. To the extent that you can spend one-on-one time with board members to understand their perspectives, that's really important. That's part of the equation, trying to figure out what motivates any individual.
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