DC Water launches National Search for New CFO
February 28, 2017
The District of Columbia Water and Sewer Authority (DC Water) today announced it has launched a national search for a new Chief Financial Officer (CFO). DC Water’s current CFO Mark T. Kim will leave the Authority in April.
“I anticipate this position will attract the very highest caliber candidates from across the country, and that’s a credit to the incredible work Mark has done here at DC Water,” said George S. Hawkins, DC Water’s CEO and General Manager. “Mark is a leader in our industry and he has elevated DC Water’s stature and reputation while ensuring its long-term financial sustainability. My goal is to recruit a new CFO immediately so we don’t lose any momentum.”
Since joining DC Water in 2013, Mr. Kim has significantly improved the Authority’s financial management and practices. In doing so, he pioneered a series of firsts for the industry and has been a driving force of innovation, creativity and energy for DC Water. Mr. Kim’s notable accomplishments include:
- Issuing the first century bond by a municipal water utility, first certified green bond in the U.S. and first environmental impact bond globally. These bond financings twice received the prestigious Deal of the Year Award by The Bond Buyer (2014 and 2016).
- Restructuring DC Water’s rates, fees and charges to diversify its revenue streams, incentivize conservation and promote affordability (2015). This new rate structure significantly improved the Authority’s financial position and achieved one of the key goals in its long-range strategic plan.
- Securing multiple credit rating upgrades for DC Water to AAA by S&P Global Ratings and Aa1 by Moody’s Investors Service (2016). The upgrade from S&P represents the first time in DC Water’s history that it has achieved the coveted triple-A rating from one of the credit rating agencies.
“I am truly honored to have served as Chief Financial Officer of the Authority,” said Mr. Kim. “In particular, I would like to extend my deepest appreciation to George and DC Water's Board of Directors for their vision, leadership and support. I would also like to acknowledge my staff – Team FAB (Finance, Accounting and Budget) – for their professionalism, team work and commitment to public service. I am grateful for the opportunity to have had the privilege of leading them.”
Mr. Kim’s last day at DC Water will be in early April. He has accepted an offer to serve as Deputy Executive Director and Chief Operating Officer of the MSRB (Municipal Securities Rulemaking Board). The MSRB is responsible for regulating the municipal securities market and its mission is to “protect investors, state and local governments, and the public interest, by promoting a fair and efficient municipal securities market.”
About DC Water
The District of Columbia Water and Sewer Authority (DC Water), is an industry leading multi-jurisdictional regional utility that provides drinking water and wastewater collection and treatment for millions of visitors, residents and employees in the District of Columbia, and also collects and treats wastewater for a population of 1.6 million in Montgomery and Prince George’s counties in Maryland and Fairfax and Loudoun counties in Virginia.
DC Water's service area covers approximately 725 square miles and the enterprise operates the world's largest advanced wastewater treatment plant with a capacity of 384 million gallons per day and a peak capacity of 1.076 billion gallons per day. Blue Plains is also a model in sustainability, with anaerobic digesters burning sludge for combined heat and electricity and plans for green infrastructure on an unprecedented scale to reduce combined sewer overflows.