Mueller Water Products Announces Update on Board Refreshment Plan

Rhea-AI Summary

Mueller Water Products (NYSE: MWA) has announced changes to its Board of Directors as part of its refreshment plan. The company has nominated Bentina Chisolm Terry and Leland Weaver for election at the Annual Meeting of Stockholders on February 6, 2025. Two long-tenured directors, Dr. Lydia Thomas and Ms. Shirley Franklin, will retire at the meeting.

Following the Annual Meeting, the Board will consist of nine directors, with eight being independent and eight having been elected in the last six years. The new Board slate includes Christian A. Garcia, Thomas J. Hansen, Brian C. Healy, Christine Ortiz, Jeffery S. Sharritts, Bentina Chisolm Terry, Stephen C. Van Arsdell, Leland G. Weaver, and Marietta Edmunds Zakas.

Positive

• Board independence strengthened with 8 out of 9 directors being independent
• Significant board renewal with 8 directors elected in last 6 years
• Strategic board refreshment plan nearing completion

Negative

• None.

Nominates Bentina Chisolm Terry and Leland Weaver to Join Board of Directors

Two Long-Tenured Directors to Retire at Upcoming 2025 Annual Meeting of Stockholders

ATLANTA, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE: MWA) announced that its Board of Directors has nominated Bentina Chisolm Terry and Leland Weaver to join the Board for election at the Company’s Annual Meeting of Stockholders on February 6, 2025. As part of the previously announced Board refreshment plan, Dr. Lydia Thomas and Ms. Shirley Franklin will retire from the Board at the Annual Meeting.

“On behalf of the entire Board, I extend my gratitude to Lydia and Shirley for their contributions to Mueller and many years of service on the Board. Lydia’s and Shirley’s leadership, wisdom and expertise during their service have been enormously valuable to the Company and our management team as we have executed on our strategy to create value for shareholders. We also thank Brian Slobodow and Niclas Ytterdahl for their service,” said Stephen C. Van Arsdell, Non-Executive Chair of the Board.

Mr. Van Arsdell continued, “Today’s announcement reflects our strong governance as we continue to drive value creation across our business. The continuing evolution of the Board is a testament to our commitment to bringing new viewpoints to the boardroom while continuing to benefit from the guidance and experience of our more tenured directors. With the addition of Bentina and Leland, who most recently joined us as Board Observers, we are on course to complete our board refreshment plan next year. We are confident that each of our new directors will bring significant value to our diverse Board.”

The Board’s slate for the Annual Meeting is comprised of Christian A. Garcia, Thomas J. Hansen, Brian C. Healy, Christine Ortiz, Jeffery S. Sharritts, Bentina Chisolm Terry, Stephen C. Van Arsdell, Leland G. Weaver, and Marietta Edmunds Zakas. Following the Annual Meeting, the Board will comprise nine directors, eight of whom are independent and eight of whom will have been elected in the last six years.

About Bentina Chisolm Terry

Ms. Bentina Chisolm Terry currently serves as the President and CEO of Southern Linc and Southern Telecom, providing mission-critical LTE wireless and dark fiber networks and services to Southern Company electric utilities and external customers. She is an accomplished senior executive with more than 25 years of experience leading across a range of functions in the utility industry and a strong track record of driving growth and innovation. Prior to Southern Linc and Southern Telecom, Ms. Terry served as Senior Vice President of Customer Strategy and Solutions at Georgia Power. She joined Georgia Power in 2001, holding roles of increasing responsibility across multiple departments. Ms. Terry has led multiple environmental initiatives and has been responsible for health and safety. During her time serving as General Counsel for Southern Nuclear Operating Company, Ms. Terry led the Company to receiving the most significant rate increase in its history, ensuring continued service reliability and infrastructure upgrades. Ms. Terry received her Bachelor of Arts from North Carolina State University and a Juris Doctor from the University of Michigan.

About Leland Weaver

Mr. Leland Weaver currently serves as the President of DuPont Water & Protection. He is an accomplished senior executive with extensive experience across various industries and global markets. As President of the DuPont Water & Protection business, a global business with $6 billion in revenue, Mr. Weaver oversees 34 manufacturing sites and 7,000 employees, as well as the strategy to deliver sustainable, technology-based products and solutions for water, shelter, and safety. He previously held leadership roles within Dupont’s investor relations and business strategy arm. Mr. Weaver has deep experience in both operational and manufacturing as well as growth strategy and transformation, managing relationships with institutional investors, and playing a pivotal role in significant corporate transformation initiatives, including the spin-off of DuPont’s Nutrition & Biosciences business and its merger with International Flavors and Fragrances. Mr. Weaver has a strong track record of building high-performance teams, managing large-scale operations, and driving significant financial growth. Mr. Weaver received his Bachelor of Science from the University of Alabama and his master’s degree in business from the University of Pennsylvania.

About Mueller Water Products, Inc.

Mueller Water Products, Inc. is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. Our broad product and service portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe condition assessment, pressure management products, and software that provides critical water system data. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure^®. Visit us at www.muellerwaterproducts.com.

Mueller refers to one or more of Mueller Water Products, Inc. (MWP), a Delaware corporation, and its subsidiaries. MWP and each of its subsidiaries are legally separate and independent entities when providing products and services. MWP does not provide products or services to third parties. MWP and each of its subsidiaries are liable only for their own acts and omissions and not those of each other.

Investor Relations Contact: Whit Kincaid
770-206-4116
wkincaid@muellerwp.com

Media Contact: Jenny Barabas
470-806-5771
jbarabas@muellerwp.com

FAQ

When will Mueller Water Products (MWA) hold its 2025 Annual Meeting of Stockholders?

Mueller Water Products will hold its 2025 Annual Meeting of Stockholders on February 6, 2025.

Who are the new nominees for Mueller Water Products' (MWA) Board of Directors in 2025?

Bentina Chisolm Terry and Leland Weaver have been nominated to join Mueller Water Products' Board of Directors.

How many independent directors will MWA have after the 2025 Annual Meeting?

After the 2025 Annual Meeting, Mueller Water Products will have eight independent directors out of nine total board members.

Which directors are retiring from Mueller Water Products' (MWA) board in 2025?

Dr. Lydia Thomas and Ms. Shirley Franklin will retire from the Board at the 2025 Annual Meeting.

How many new directors has MWA appointed in the last six years?

Eight out of nine directors on Mueller Water Products' board will have been elected in the last six years.