Mark Blinn Plans to Retire; Will Continue Serving as President and
CEO Until Successor is Identified; Board of Directors Initiates Search
DALLAS--(BUSINESS WIRE)--Sep. 22, 2016--
Flowserve Corporation, (NYSE: FLS), a leading provider of flow control
products and services for the global infrastructure markets, today
announced that Mark Blinn plans to retire as President, Chief Executive
Officer and a member of the Board of Directors. To ensure an orderly
transition, Mr. Blinn will remain in those roles until the appointment
of his successor.
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Mark Blinn (Photo courtesy of Flowserve)
Flowserve’s Board of Directors has a robust succession planning process
and, in an effort to consider both internal and external candidates, has
initiated a search to identify a successor to Mr. Blinn.
Mr. Blinn joined Flowserve in October of 2004 and was named CEO in
October of 2009. During his tenure as CEO, the Company has delivered a
total shareholder return of approximately 64 percent. Flowserve’s track
record of profitable growth and shareholder value creation reflects Mr.
Blinn’s focus on operational excellence, cost control and profitably
growing the Company through acquisitions and strategic growth
initiatives.
“After 12 years at Flowserve and seven as CEO, and as the Company begins
its next phase of growth and development, the Board and I believe that
now is the right time to initiate this planned transition of leadership
responsibilities,” said Mr. Blinn. “It has been an honor and a privilege
to lead Flowserve and its global team of approximately 19,000 talented
employees, who are truly among the best in the business. Over the last
year and a half, we have focused on restructuring our business,
optimizing our manufacturing footprint and realigning our workforce to
position the Company for growth and value creation through the current
market cycle and beyond. While there is more work to be done, I know
that Flowserve has the right plan and the right team in place to achieve
its objectives. I am committed and look forward to continuing to lead
Flowserve for the next several months.”
“Under Mark’s leadership, the Company has made tremendous progress
executing its strategic plan,” said William C. Rusnack, Chairman of the
Board of Directors. “He has been instrumental in overseeing a number of
significant acquisitions that have enhanced Flowserve’s geographic
presence and product offerings and positioned the Company for continued
success. Mark has been an effective leader across market cycles, and the
Board thanks him for his many years of service and his dedication to our
Company, employees, customers and shareholders.”
Mr. Rusnack continued, “The Board and Mark have been discussing
succession planning for some time, and we are confident that the orderly
search process we are now undertaking will ensure a smooth transition
for Flowserve and all of our stakeholders. As we look forward, we intend
to identify a leader who will build on Flowserve’s strong operating
platform, creating enhanced value for shareholders, partners, employees,
and the Company’s other stakeholders. Mark is committed to working
closely with the Board to identify his successor and seamlessly
transition his responsibilities.”
About Flowserve: Flowserve Corp. is one of the world’s leading
providers of fluid motion and control products and services. Operating
in more than 55 countries, the company produces engineered and
industrial pumps, seals and valves as well as a range of related flow
management services. More information about Flowserve can be obtained by
visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, which are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Words or phrases such as
"may," "should," "expects," "could," "intends," "plans," "anticipates,"
"estimates," "believes," "forecasts," "predicts" or other similar
expressions are intended to identify forward-looking statements, which
include, without limitation, earnings forecasts, statements relating to
our business strategy and statements of expectations, beliefs, future
plans and strategies and anticipated developments concerning our
industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based
on our current expectations, projections, estimates and assumptions.
These statements are only predictions, not guarantees. Such
forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from what is
forecast in such forward-looking statements, and include, without
limitation, the following: a portion of our bookings may not lead to
completed sales, and our ability to convert bookings into revenues at
acceptable profit margins; changes in global economic conditions and the
potential for unexpected cancellations or delays of customer orders in
our reported backlog; our dependence on our customers’ ability to make
required capital investment and maintenance expenditures; risks
associated with cost overruns on fixed-fee projects and in taking
customer orders for large complex custom engineered products; the
substantial dependence of our sales on the success of the oil and gas,
chemical, power generation and water management industries; the adverse
impact of volatile raw materials prices on our products and operating
margins; our ability to execute and realize the expected financial
benefits from our strategic manufacturing optimization and realignment
initiatives; economic, political and other risks associated with our
international operations, including military actions or trade embargoes
that could affect customer markets, particularly Middle Eastern markets
and global oil and gas producers, and non-compliance with U.S.
export/re-export control, foreign corrupt practice laws, economic
sanctions and import laws and regulations; increased aging and slower
collection of receivables, particularly in Latin America and other
emerging markets; our exposure to fluctuations in foreign currency
exchange rates, including in hyperinflationary countries such as
Venezuela; our furnishing of products and services to nuclear power
plant facilities and other critical processes; potential adverse
consequences resulting from litigation to which we are a party, such as
litigation involving asbestos-containing material claims; a foreign
government investigation regarding our participation in the United
Nations Oil-for-Food Program; expectations regarding acquisitions and
the integration of acquired businesses; our ability to anticipate and
manage cybersecurity risk, including the risk of potential business
disruptions or financial losses; our relative geographical profitability
and its impact on our utilization of deferred tax assets, including
foreign tax credits; the potential adverse impact of an impairment in
the carrying value of goodwill or other intangible assets; our
dependence upon third-party suppliers whose failure to perform timely
could adversely affect our business operations; the highly competitive
nature of the markets in which we operate; environmental compliance
costs and liabilities; potential work stoppages and other labor matters;
our inability to protect our intellectual property in the U.S., as well
as in foreign countries; obligations under our defined benefit pension
plans; and other factors described from time to time in our filings with
the Securities and Exchange Commission.
All forward-looking statements included in this news release are based
on information available to us on the date hereof, and we assume no
obligation to update any forward-looking statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160922006320/en/
Source: Flowserve Corporation
Flowserve
Investor Contacts:
Jay Roueche,
972-443-6560
Vice President, Investor Relations & Treasurer
or
Mike
Mullin, 972-443-6636
Director, Investor Relations
or
Media
Contacts:
Lars Rosene, 972-443-6644
Vice President,
Global Communications and Public Affairs
or
Amy Allen,
972-443-6501
Manager, Global Communications and Public
Affairs