Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 19, 2019, Brian O’Neill tendered his resignation from his position on the Board of Directors (the “Board”) of AquaVenture Holdings Limited (the “Company”) effective immediately. Mr. O’Neill’s decision did not result from a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On February 22, 2019, the Company appointed Debra G. Coy to the Board effective immediately. Ms. Coy will replace Mr. O’Neill, serving the remainder of his term as a Class I director prior to standing for reelection at the Company’s Annual Meeting of Shareholders in 2020. In addition to being appointed as a director, Ms. Coy will also serve on the Board’s Audit Committee.
Ms. Coy has served as a partner with XPV Water Partners (“XPV”), the largest water-focused growth equity fund in North America, since 2015 and as an advisor to XPV from 2010 to 2015. From 2010 until 2015, she also served as a principal of Svanda & Coy Consulting, providing strategic capital markets advisory services for water sector investors, corporations and municipal utilities. Before 2010, she led coverage of the global water sector as managing director of the capital markets group at Janney Montgomery Scott and held senior equity research positions at the Stanford Washington Research Group, Schwab Capital Markets, HSBC Securities and National Westminster Bank. In addition, Ms. Coy has served on the board of directors of Global Water Resources, Inc. (NASDAQ: GWRS) since May 2018 and Willdan Group, Inc. (NASDAQ: WLDN) since March 2018. From 2013 until 2016, Ms. Coy served as a non-executive director for Headworks International, Inc., a wastewater treatment technology firm. Ms. Coy has also served as co-chair of the Water Environment Federation’s Global Water Strategies Council. She received a B.A. in English and Journalism from Southern Advent University in Tennessee and an M.A. in Journalism from the University of Maryland.
Ms. Coy will participate in the standard director compensation arrangements applicable to the Company’s non-employee directors as described in the Proxy Statement filed with the U.S. Securities and Exchange Commission on April 27, 2018. Other than the compensation to be received for services as a non-employee director, no arrangement or understanding exists between Ms. Coy and any other persons, pursuant to which she was appointed as a director of the Company. In addition, there are no transactions or proposed transactions, to which the Company is a party, or intended to be a party, in which Ms. Coy has, or will have, a material interest subject to disclosure under Item 404(a) of Regulation S-K.