ATLANTA - Mueller Water Products, Inc. (NYSE: NYSE:MWA), a key player in water infrastructure and services, announced today the appointment of Marietta Edmunds Zakas as its new Chief Executive Officer. Zakas, who has been with the company since 2006, previously held the dual role of CEO and President since August 2023 and was the Chief Financial Officer before that. The announcement follows a detailed selection process involving both internal and external candidates.
In conjunction with Zakas’s appointment, Paul McAndrew has been promoted from Chief Operating Officer to President, effective immediately. McAndrew joined the company in November 2022 and has over two decades of leadership experience.
Stephen C. Van Arsdell, Board Chair, expressed confidence in Zakas's leadership, noting her role in guiding the company through challenging times and her vision for sustainable growth. Zakas expressed her commitment to addressing the challenges of aging water infrastructure and her confidence in the company's ability to deliver growth.
The company also welcomed new board members. Christian Garcia joined the Board as an observer and is expected to be appointed as a Director later this year. Brian Healy, who has been observing since November 2023, was elected to the Board in February 2024. These appointments are part of Mueller’s ongoing Board refreshment plan, which aims to bring new perspectives while retaining valuable experience.
The Board's refreshment plan, announced in October 2022, includes term and age limits for its members to ensure a mix of new ideas and seasoned guidance. Mueller Water Products also released its fiscal 2024 second-quarter financial results separately.
InvestingPro Insights
As Mueller Water Products, Inc. (MWA) ushers in a new era of leadership under CEO Marietta Edmunds Zakas, investors and stakeholders may find the company's financial health and market performance of particular interest. InvestingPro data provides a snapshot of MWA's current standing in the market, with a market capitalization of $2.58 billion, reflecting its scale in the water infrastructure sector.
The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at 33.43. This indicates that MWA is trading at a high earnings multiple, suggesting that investors have high expectations for future earnings growth. The adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 27.75, which may still be considered high relative to industry peers.
InvestingPro Tips highlight several key aspects of MWA's financial resilience and market performance. Notably, Mueller Water Products has a commendable track record of raising its dividend for 9 consecutive years and maintaining those payments for 19 consecutive years. This consistency underscores the company's commitment to shareholder returns. Additionally, the company's liquid assets exceed its short-term obligations, indicating a robust liquidity position that enables it to meet its immediate financial responsibilities.
Moreover, MWA has been trading near its 52-week high and has experienced a strong return over the last three months, with a 19.11% price total return. This performance is bolstered by a significant price uptick over the last six months, amounting to a 25.48% return. Such metrics may interest investors looking for companies with positive momentum in their share price.
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