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Succeeds Steven R. Loranger, who remains on the Xylem Board
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Company reaffirms full-year 2014 outlook
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Xylem to host investor and analyst call Tuesday, March 4, 2014 at 9
a.m. EST
RYE BROOK, N.Y.--(BUSINESS WIRE)--Mar. 3, 2014--
Xylem Inc. (NYSE: XYL), a leading global water technology company
dedicated to solving the most challenging water issues, today announced
that Patrick K. Decker has been named President and Chief Executive
Officer, and will be appointed a member of the Board of Directors March
17. He joins the company from Harsco Corporation, where he has been
President and CEO. At Xylem, Mr. Decker succeeds Steven R. Loranger who
will remain a member of the Xylem Board. Mr. Loranger was Chairman,
President and CEO of ITT Corporation when it spun its water businesses
off as Xylem in October 2011.
“The Board of Directors selected Patrick because of his leadership
qualities, proven track record leading large global businesses, and
extensive knowledge of the water industry,” said Markos I. Tambakeras,
Chairman of the Board of Directors of Xylem Inc. “Patrick understands
the economic and social implications surrounding water, and sees
potential in Xylem’s unique portfolio of technology and services to
solve the world’s toughest water challenges. Along with the Board of
Directors, he is committed to a smooth transition, maintaining the
strategic direction of Xylem, improving operational efficiencies and
growing the business to maximize shareholder return.”
Mr. Tambakeras continued, “We have benefitted greatly from Steve
Loranger’s leadership since he assumed this transitional CEO assignment
in September. He moved quickly to improve Xylem’s cost structure,
stabilize financial performance, and reinforce pride and confidence in
the business. While we recognize there’s more work to do, Steve
established a solid foundation for continued growth under Patrick’s
leadership. On behalf of the entire Board, I want to thank Steve for his
dedication and his many contributions.”
“I am energized to be back in the water industry with Xylem’s strong
team, unmatched portfolio and global footprint,” said Mr. Decker. “Xylem
is well positioned to build in both growth and efficiency dimensions,
and with the support of the leadership team we will maintain our
trajectory.”
Xylem reaffirms the full-year 2014 outlook outlined February 4, 2014.
Xylem’s full-year revenues will be approximately $4 billion, and
adjusted net income will be in the $345 million to $370 million range,
or $1.85 to $2.00 adjusted earnings per share. Xylem expects 2014
restructuring and realignment costs to be $40 million to $50 million.
Xylem will host a conference call on Tuesday, March 4, 2014 at 9 a.m.
EST to introduce Mr. Decker to the investment community. The briefing
can be monitored live by calling +1 (973) 935-2945 (ID # 7851564) or by
visiting investors.xyleminc.com.
A replay of the briefing will be available on investors.xyleminc.com,
and via telephone until Tuesday, March 18, 2014 at 6 p.m. EST. The
telephone replay will be available at +1 (404) 537-3406 (ID #7851564).
About Patrick Decker
Mr. Decker, 49, has been president and CEO of Harsco Corporation (NYSE:
HSC), a global industrial services company, since 2012. At Harsco he has
been successful in establishing company-wide programs focused on
business simplification, Lean Six Sigma continuous improvement, talent
development, innovation and safety. Prior to that, he served in a number
of leadership roles at Tyco International’s Flow Control business,
ultimately serving as President of Tyco Flow Control, a $4 billion
leader in industrial flow control solutions where he was able to grow
revenue significantly in the emerging markets, execute the company’s
largest acquisitions in Brazil and the Middle East, and champion a
three-year philanthropic commitment to clean water access. In addition,
he led the effort that resulted in the separation of the Flow Control
business from the parent company.
Earlier in his career, he served at Bristol-Myers Squibb Company in a
number of operational finance roles. Mr. Decker started his career as an
auditor for Price Waterhouse LLP, now PricewaterhouseCoopers, LLP. He
earned a Bachelor of Science degree in accounting and finance from
Indiana University, Bloomington, Indiana.
About Xylem
Xylem (NYSE:XYL) is a leading global water technology provider, enabling
customers to transport, treat, test and efficiently use water in public
utility, residential and commercial building services, industrial and
agricultural settings. The company does business in more than 150
countries through a number of market-leading product brands, and its
people bring broad applications expertise with a strong focus on finding
local solutions to the world’s most challenging water and wastewater
problems. Xylem is headquartered in Rye Brook, N.Y., with 2013 annual
revenues of $3.8 billion and more than 12,500 employees worldwide. For
the last two years, Xylem has been named to the Dow Jones Sustainability
World Index for advancing sustainable business practices and solutions
worldwide.
The name Xylem is derived from classical Greek and is the tissue that
transports water in plants, highlighting the engineering efficiency of
our water-centric business by linking it with the best water
transportation of all -- that which occurs in nature. For more
information, please visit us at www.xylem.com.
Forward-Looking Statements
This document contains information that may constitute “forward-looking
statements.” Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. Generally, the words
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” “target” and similar expressions identify forward-looking
statements, which generally are not historical in nature. However, the
absence of these words or similar expressions does not mean that a
statement is not forward-looking.
These forward-looking statements include, but are not limited to,
statements about the capitalization of Xylem Inc. (the “Company”), the
Company’s restructuring and realignment, future strategic plans and
other statements that describe the Company’s business strategy, outlook,
objectives, plans, intentions or goals, and any discussion of future
operating or financial performance. All statements that address
operating performance, events or developments that we expect or
anticipate will occur in the future — including statements relating to
orders, revenues, operating margins and earnings per share growth, and
statements expressing general views about future operating results — are
forward-looking statements.
Caution should be taken not to place undue reliance on any such
forward-looking statements because they involve risks, uncertainties and
other factors that could cause actual results to differ materially from
those expressed or implied in, or reasonably inferred from, such
statements. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law. In
addition, forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
the Company’s historical experience and our present expectations or
projections. These risks and uncertainties include, but are not limited
to, those set forth in Item 1A of our Annual Report on Form 10-K, and
those described from time to time in subsequent reports filed with the
Securities and Exchange Commission.
Source: Xylem Inc.
Xylem Inc.
Media
Tom Glover, +1-914-323-5891
tom.glover@xyleminc.com
or
Investors
Phil
DeSousa, +1-914-323-5930
phil.desousa@xyleminc.com