20-Year Industry Veteran Brings Extensive Senior Leadership
Experience and Expertise in Flow Control Systems, Operations, Business
Development and Customer Relations
DALLAS--(BUSINESS WIRE)--Feb. 8, 2017--
Flowserve Corporation, (NYSE: FLS), a leading provider of flow control
products and services for the global infrastructure markets, today
announced that R. Scott Rowe has been appointed President and Chief
Executive Officer (CEO) of the Company, effective April 1, 2017. He
succeeds Mark Blinn, who previously announced his intention to retire.
Mr. Rowe will also join the Flowserve Board of Directors.
Mr. Rowe brings nearly 20 years of senior leadership and operational
experience in the industry to Flowserve. He most recently served as
President of the Cameron Group, a position he assumed in April 2016
following the merger between Schlumberger and Cameron International
Corporation (“Cameron”), formerly a NYSE-listed leading provider of flow
management equipment, systems and services to the worldwide oil and gas
industry. At Cameron, Mr. Rowe served in a variety of progressive roles
during his 14-year career, culminating as its President and CEO. Mr.
Rowe’s accomplishments include contributing to Cameron’s significant
growth and profitability during his tenure, leading Cameron through the
transition to Schlumberger and overseeing the business integration while
maintaining strong business performance. Additionally, he led the
transformative pre-merger joint venture between Cameron and
Schlumberger, which formed OneSubsea, a $3 billion dollar business that
he later ran as CEO. During his tenure as President of Engineered and
Process Valves, Mr. Rowe spearheaded process improvement projects that
drove strong revenue and earnings growth.
“We are thrilled to welcome Scott to Flowserve,” said William C.
Rusnack, Chairman of the Board of Directors. “Scott is a highly
accomplished executive with a proven track record of success in
operational excellence and driving superior results throughout business
cycles. He knows both our business and our customers and their needs,
which is critical as we continue to differentiate ourselves as an
industry leader. His extensive executive leadership experience in the
flow control industry makes him the ideal person to lead Flowserve
through its next phase in the Company’s history.”
Mr. Rusnack continued, “On behalf of the Board, I would like to thank
Mark for his hard work and dedication to Flowserve over the past 12
years. We appreciate his support through this transition period, and
wish him well in the future.”
“Flowserve is an industry leader with best-in-class fluid motion and
control products and services and some of the most dedicated,
hard-working employees in the business,” said Mr. Rowe. “I have long
admired Flowserve, and have great respect for its extensive portfolio of
product brands and its commitment to customer relationships. In recent
years, the Board and management team have focused on restructuring the
business, optimizing its manufacturing footprint and realigning its
workforce to strengthen the Company’s competitive position. As CEO, I
look forward to leveraging my experience and industry relationships to
build on this solid foundation to enhance value for all stakeholders.”
As planned, in connection with Mr. Rowe’s appointment, Mr. Blinn will
step down from the Flowserve Board, effective March 31, 2017.
“It has been an honor to serve as Flowserve’s CEO, and I am confident in
the Company’s prospects for growth and value creation under Scott’s
leadership,” said Mr. Blinn. “His deep industry and executive experience
– but most importantly, his appreciation for our culture, people,
industry and customers – make Scott an ideal choice to serve as
Flowserve’s next leader.”
About R. Scott Rowe
Mr. Rowe most recently served as President of the Cameron Group
following the merger with Schlumberger. Before that, his titles at
Cameron included President and CEO, President and COO, CEO of the
OneSubsea Division, President of the Subsea Systems Division, President
of the Engineered & Process Valves Division, and President of the
Process Valves & Aftermarket Division. Before joining Cameron in 2002,
Rowe was a Project Manager at Varco International, and previously, he
served in the U.S. Army.
Mr. Rowe holds a bachelor of science in engineering management from the
United States Military Academy at West Point and an MBA from Harvard
Business School.
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/20170208005506/en/
Source: Flowserve Corporation
Flowserve Corporation
Investor Contacts:
Jay Roueche,
972-443-6560
Vice President, Investor Relations & Treasurer
or
Mike
Mullin, 972-443-6636
Director, Investor Relations
or
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