Richard Schmidt of Fairfield Named President & CEO of Kelda Group Inc.

Updated 3:58 PM ET February 14, 2000

Richard Schmidt, PhD, Pres., C.E.O.BRIDGEPORT, Conn. (BUSINESS WIRE) - Aquarion President and Chief Executive Officer Richard K. Schmidt has been appointed president and CEO of Kelda Group Inc., the newly formed US holding company for Kelda Group plc, of Leeds, England, Kelda Chief Executive Kevin Bond announced today. Aquarion became a subsidiary of Kelda Group plc when Kelda acquired Aquarion on January 7. The appointment is effective immediately. Schmidt will continue in his capacity as Aquarion President and CEO.

Schmidt's appointment is one of several announced this month. BHC President and CEO James S. McInerney has been named BHC Chairman and Aquarion Executive Vice President, Chief Financial Officer and Treasurer Janet M. Hansen has been appointed BHC President and CEO. McInerney and Hansen will assume their new roles on April 1.

In Schmidt's new position, he will serve as Kelda Group's primary US representative, focusing on the company's pursuit of expansion opportunities in the United States. "Aquarion has achieved many benefits from Rich's expertise, foresight and strategic planning abilities. I am confident that he will apply the same talents to Kelda Group Inc as we strive to expand our US water business interests," Bond said.

Schmidt said he welcomes the challenges of Kelda Group Inc. "As the new US holding company for Kelda Group plc, Kelda Group Inc. has very ambitious plans for the future. I am eager to implement those plans."

Schmidt graduated from Tulane University, where he received a bachelor of science degree in civil engineering and a master of science degree in environmental engineering. He earned a doctorate in environmental engineering from the University of Texas, and completed the program for Management Development at Harvard Business School.

He began his career at Ecodyne Corporation, where he began a long association with water quality-related businesses. Before joining Aquarion, Schmidt served as president and chief operating officer of Mechanical Technology, Inc., in Latham, NY. Before that, he co-founded and served as president and chief executive officer of Gundle Environmental Systems in Houston, TX. He became president and chief executive officer of Aquarion in 1995.

Aquarion's principal business is public water supply. Through its BHC and Sea Cliff Water Company subsidiaries, it is one of the 10 largest investor-owned water utilities in the U.S. and serves 141,000 customers, or a population of more than 500,000, in 30 Connecticut and Long Island, NY communities. Other businesses include contract management of municipal water systems and timber processing.

Kelda Group plc, Aquarion's parent, has annual revenues of $1.1 billion and operates in the United Kingdom and Europe. Its water and sewerage services business, Yorkshire Water Services, provides drinking water to approximately 1.9 million customers, or a population of 4.5 million, in the County of Yorkshire, England. It is one of the 10 largest water companies in the world. Yorkshire Water Services supplies its customers with 350 million of gallons of water daily, treated at 112 water treatment facilities.