American Water Chief Financial Officer Linda Sullivan Announces Retirement August 1, 2019; Susan Hardwick Named to Succeed as Chief Financial Officer

CAMDEN, N.J.–(BUSINESS WIRE)–American Water Works Company, Inc. (NYSE: AWK) announced today that
executive vice president and chief financial officer Linda Sullivan
plans to retire on August 1. Susan Hardwick will join the company on
June 3 and will succeed Sullivan as CFO on July 1, ensuring an orderly
transition of the position.

“This is especially bittersweet for me, as Linda and I have been a team
since we both began our CFO and CEO jobs on May 8, 2014,” said Susan
Story, president and chief executive officer of American Water. “She has
been an integral part of American Water’s success over the past five
years. Her accomplishments are too long to list, but I would highlight
that from 2014 through 2018, our EPS has risen at a compounded annual
growth rate (CAGR) of 8.0% our annual dividends have grown at over a 10%
CAGR; and our stock price has risen from $46.22 on May 1, 2014 to
yesterday’s $108.19 closing share price.

“Linda cares deeply about our employees, our customers, our communities
and our shareholders. She has been a CFO I depend on every day to
deliver on our fundamentals and to look beyond the horizon to what’s
next. She will truly be missed and I thank her for everything she has
done for American Water, including helping recruit her successor as well
as staying on to ensure a smooth transition.”

Sullivan joined American Water in 2014 as its chief financial officer.
In that role she was responsible for all aspects of financial management
and strategy, including directing finance strategy, investor relations,
treasury, financial planning, accounting, internal audit, risk
management, and control functions. As leader of operational services,
she also has overseen supply chain, information technology,
environmental stewardship, and cyber and physical security. Sullivan
serves on the Board of NorthWestern Energy and is Chair of the Audit
Committee; University of Maryland University College Ventures; and the
Environmental Protection Agency’s Finance Advisory Board. She is a
National Association of Corporate Directors governance fellow and was
recognized as a Philadelphia Business Journal CFO of the Year honoree in

Sullivan plans to enjoy her retirement with her husband, two children
and their spouses, two grandsons and soon-to be granddaughter. She also
intends to continue board work.

“This is the hardest career decision I have ever had to make and at the
same time one of the easiest personal decisions for me and my family,”
said Sullivan. “It was an incredibly hard decision because every day I
am inspired by the service we provide and awed by the people that work
for American Water. For us, it is a calling to provide a life-sustaining
service like water and the past five years have been a positive,
life-changing experience.

“And yet, on the personal side, this was an easy decision for me and my
family. Our coast to coast family is rapidly expanding and my heart is
pulling me in a new, exciting direction. I would like to thank Susan
Story and the Board for being so understanding and gracious about my
decision and working with me through a strong succession planning
process. I am absolutely thrilled to have Susan Hardwick come on board
and look forward to working closely with her through the transition. She
will bring tremendous value to American Water,” added Sullivan.

With Sullivan’s pending retirement, American Water named Susan Hardwick
its new executive vice president and chief financial officer. She will
join the company on June 3 and become CFO on July 1.

“American Water is very pleased to have a leader with Susan’s proven
utility experience and leadership joining our company as CFO,” said
Story. “With 35 years of financial experience and more than five years
as CFO of Vectren Corporation, a publicly traded holding company with
significant regulated utility operations, she will strengthen our
leadership team. Susan has significant experience and is deeply
committed to customers, constructive regulatory relationships and
building better communities. She prioritizes employee development and
the building of collaborative and successful teams. She has a strong
record of living and leading the values we hold at American Water and is
the right fit for our company.”

Most recently, Hardwick served as executive vice president and chief
financial officer of Vectren, which was recently sold to CenterPoint
Energy. Vectren delivers natural gas and electricity to more than one
million customers in nearly two-thirds of Indiana and about 20 percent
of Ohio and operates a major infrastructure construction business and an
energy services company. In her CFO role at Vectren, Hardwick was a
member of the executive leadership team responsible for development and
execution of business and financial strategy for both the regulated
utility businesses as well as the market-based subsidiaries. She also
led the development and execution of the company’s regulatory strategy
and investor relations, and was responsible for numerous financing
transactions, including a total of over $2 billion in long term debt

Notably, Hardwick led the execution of the definitive agreement with
CenterPoint Energy for the sale of Vectren for $8.5 billion, the second
highest multiple paid for a natural gas distribution company. The
transaction was consummated on Feb. 1, 2019, a short nine months after

Hardwick has served in leadership positions on a variety of community
boards, including St. Mary’s Medical Center, Fifth Third Bank (Southern
Indiana), the Evansville Museum of Arts, History & Science, the
Evansville Celebration of Diversity Distinguished Lecture Series,
Gilda’s Club of Evansville, and the Richard G. Lugar Excellence in
Public Service Series, among many others over the course of her career.
Appointed by the governor, Hardwick also served two terms as an Arts
Commissioner for the state of Indiana. She was also the recipient of the
Athena Award in 2009 by the Chamber of Commerce of Southwestern Indiana,
the Sara B. Davies Leadership Award in 2016 presented by Leadership
Evansville, and the Torchbearer Lifetime Achievement Award in 2016
presented by the Indiana Commission on Women. Also, in 2016, she was
named by the Indianapolis Business Journal as CFO of the Year Honoree
and received the Mayor’s Arts Award in 2017.

She has also held numerous leadership and committee roles with the
American Gas Association and the Edison Electric Institute, is a CPA and
holds an accounting degree from Indiana University.

About American Water

With a history dating back to 1886, American Water is the largest and
most geographically diverse U.S. publicly traded water and wastewater
utility company. The company employs more than 7,100 dedicated
professionals who provide regulated and market-based drinking water,
wastewater and other related services to more than 14 million people in
46 states and Ontario, Canada. American Water provides safe, clean,
affordable and reliable water services to our customers to make sure we
keep their lives flowing. For more information, visit
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Edward Vallejo
Vice President, Investor Relations

Maureen Duffy
Vice President, Communications and Federal Affairs

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