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July 26, 2024

With future uncertain, Eversource-owned Aquarion Water announces leadership change

PHOTO | CONTRIBUTED Donald Morrissey is the president of Bridgeport-based Aquarion Water Co.
By Greg Bordonaro

Bridgeport-based Aquarion Water Co. on Friday morning announced that its top executive, President Donald Morrissey, will retire at the end of the year. 

He will be replaced by Lucy Teixeira, who is currently vice president of customer and administrative services. Morrissey’s last day on the job will be Dec 31.

Lucy Teixeira

The leadership change comes as Aquarion Water Co. faces an uncertain future. Earlier this year, Aquarion’s parent company, Eversource Energy, announced it would consider selling the water company amid a need to “reduce equity needs and improve regulatory diversity.”

The potential sale announcement came as Aquarion was battling the Public Utilities Regulatory Authority over a rate increase request.

In late May, Moody’s lowered the water utility’s credit rating from A3 to Baa1, noting the change reflected Aquarion’s increased risk from “adverse regulatory or political decisions,” following PURA’s decision last year to reduce the company’s revenue and lower its return on equity.

Meantime, at least one potential Aquarion buyer has stepped forward. The South Central Connecticut Regional Water Authority of New Haven in June was granted approval by the state legislature to make a bid for Aquarion.

Larry Bingaman, the president and chief executive officer of the regional authority, said in June his company has been gleaning public documents to assess Aquarion’s value in preparation for Eversource providing a formal bidding package later this summer to potential buyers.

Morrissey has been president of Aquarion for the last five years. Under his leadership, the company said, Aquarion successfully increased its customer base and completed its two largest transactions since 2002, as well as the first privatization of a wastewater system in New England.

Morrissey also serves as a board member for the National Association of Water Companies and the Bridgeport Regional Business Council.

Teixeira has been the vice president of customer and administrative services at Aquarion since 2012. Throughout her 34-year career with the company, Teixeira has developed leadership experience across multiple functions, including human resources, customer service, information technology and corporate communications, the company said.

She earned an advanced management degree from the Wharton School of Business, as well as a bachelor’s degree in accounting from Fairfield University. She currently serves as the vice chair of the Fairfield region board of Hartford HealthCare, and was the past board chair of the United Way of Eastern Fairfield County.
 

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