Artesian Resources Corporation appoints Salvatore J. Rossi to its Board, enhancing expertise in financial management and community insight.
Quiver AI Summary
Artesian Resources Corporation has appointed Salvatore J. “Chip” Rossi to its Board of Directors, enhancing its governance with his extensive financial expertise and risk management background. Recently retired from Bank of America, Rossi held key leadership roles including president of Bank of America Delaware and Chief Risk Officer for Consumer and Global Wealth & Investment Management. His experience with economic mobility initiatives and community development aligns with Artesian's mission to provide water and wastewater services in Delaware. Nicki Taylor, the company’s Chair, believes Rossi’s insights into the Delaware community will aid in the company’s growth. Rossi is also involved with several local organizations, reflecting his commitment to the community.
Potential Positives
- The appointment of Salvatore J. “Chip” Rossi to the Board of Directors brings extensive financial expertise and risk management experience, enhancing the company's governance.
- Mr. Rossi's prior leadership roles at Bank of America suggest a strong ability to connect with diverse stakeholders, which can improve community ties and corporate strategy.
- His understanding of the Delaware community is poised to provide valuable insights as Artesian Resources expands its services, potentially leading to growth opportunities.
- The addition of a new independent board member strengthens the company's leadership and oversight, which is positively perceived by investors and stakeholders.
Potential Negatives
- Appointment of a new board member from a major financial institution may raise concerns about potential conflicts of interest, given the interconnected nature of financial and water service sectors.
- Mr. Rossi's retirement and transition from a large bank to a utility company may lead to skepticism regarding his ability to adapt to a significantly different industry.
- There is a lack of addressing any potential challenges or issues facing the company in light of the new appointment, which might suggest underlying uncertainties.
FAQ
Who is the new member of Artesian Resources Board of Directors?
Salvatore J. “Chip” Rossi has been appointed to the Board of Directors at Artesian Resources Corporation.
What is Chip Rossi's background?
Chip Rossi is an experienced financial expert with extensive knowledge in risk management, previously serving at Bank of America.
What roles did Chip Rossi hold at Bank of America?
Rossi was president of Bank of America Delaware and led Global Compliance and Operational Risk Operations, among other roles.
How will Chip Rossi contribute to Artesian Resources?
Rossi's financial expertise and understanding of the Delaware community will provide valuable insights for Artesian's growth.
What services does Artesian Resources Corporation provide?
Artesian Resources offers water and wastewater services on the Delmarva Peninsula, supplying over a third of Delaware residents.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
NEWARK, Del., July 01, 2025 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services in the Delmarva region, which includes operations in Delaware, Maryland and Pennsylvania, is pleased to announce the appointment of Salvatore J. “Chip” Rossi to its Board of Directors. Mr. Rossi is an experienced financial expert with extensive knowledge in risk management.
Mr. Rossi recently retired from Bank of America, one of the world’s leading financial services companies, where he was president of Bank of America Delaware and the head of Bank of America’s Prepaid Card Unemployment Programs. He joined Bank of America in 1989 and prior to his most recent role, held the position of Global Compliance and Operational Risk Operations executive at the Bank. Previously he was the Bank’s Consumer and Global Wealth & Investment Management Chief Risk Officer. Mr. Rossi played a key role in linking clients, colleagues, and communities to the full capabilities of Bank of America’s franchise, fostering integration across eight lines of business. He also spearheaded initiatives to deploy resources in support of economic mobility and the development of strong, resilient communities.
“Chip’s background in financial management and risk oversight well positions him as a new independent member of our Board of Directors and financial expert on the Audit Committee,” said Nicki Taylor, Chair, President and CEO of Artesian. “Additionally, his understanding of the Delaware community will provide valuable insights as Artesian continues to grow its water and wastewater services throughout the state.”
Mr. Rossi serves on the boards of Delaware State University, ChristianaCare, The Grand Opera House and REACH Riverside. He is also a member of the Delaware State Chamber Board of Governors and the Delaware Business Roundtable.
“I am so pleased to be joining the Artesian team, as for 120 years they have provided high quality water services to Delawareans. I look forward to working with the Board and the Artesian management team as they continue to grow and provide important water and wastewater services throughout our state,” said Chip Rossi.
About Artesian Resources
Artesian Resources Corporation operates as a holding company of wholly owned subsidiaries offering water and wastewater services, and other related core services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula, providing water service since 1905. Artesian supplies 9.5 billion gallons of water per year through 1,491 miles of water main to over a third of Delaware residents.
Contact:
Virginia Eisenbrey
Communications
(302) 453-6900
[email protected]
