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Strategic Advisor·Smart Water·Clean Energy

M. Susan Hardwick

Board Director (Tetra Tech); Former President & CEO (American Water) at Tetra Tech / Previously American Water

Camden, NJ / Pasadena, CA

MS
LinkedIn
Why they matter

Most recently sitting CEO of the largest U.S. publicly-traded water utility. Top-tier advisor for any water-utility-adjacent thesis.

Background

Recently retired President and CEO of American Water Works Co. (NYSE: AWK), the largest publicly-traded U.S. water and wastewater utility serving 14M people across 24 states. Joined American Water as CFO in 2019, became CEO in February 2022, retired effective May 14, 2025. Joined Tetra Tech board (global water and energy projects firm). 35+ years across water supply, water treatment, natural gas, and power generation.

Notable deals

  • 2024
    Led American Water through ~3 years as CEO including utility-scale rate-case execution and infrastructure investment program.
  • 2025
    Retired as CEO; joined Tetra Tech board as Director.

Call-prep brief

Background

Susan retired May 2025 from American Water. The largest U.S. publicly-traded water utility (14M customers, 24 states). She immediately joined Tetra Tech's board, signaling continued active involvement in the sector. As a recently-retired sitting CEO with CFO depth, she's the highest-signal advisor on water-utility economics, rate-case mechanics, and regulatory dynamics.

What she cares about

  • Rate-case dynamics. How state PUCs are treating water infrastructure capex.
  • Investor-owned utility consolidation. American Water-style platform expansion.
  • Cross-sector utility experience (water + gas + power). She has unusual breadth.

Recent moves

  • Joined Tetra Tech board (2025).
  • Recently retired; expect post-CEO bandwidth.

Sensitivities

  • Treat as a sitting board director, not just a retired CEO.
  • AWK confidentiality obligations may apply.

Questions to ask

  1. How does she see municipal-to-IOU water-utility consolidation playing out over 2026-2030?
  2. Which state PUCs are most predictable on water rate cases, and which are riskiest?
  3. Where does she see the best risk-adjusted opportunities in water-infrastructure mid-market deal flow?

Outreach draft

Subject
Water-utility consolidation and rate-case dynamics
Ms. Hardwick, I lead infrastructure investing at [Firm]. We're sizing our water-infrastructure mid-market thesis and your perspective from both the American Water seat and your current Tetra Tech board role is uniquely valuable. Would 30 minutes work for a no-agenda conversation in the next two months? Best regards, [Your name] [Your firm]

Linked companies

Sources