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Shelton, CT, Sept. 09, 2020 (GLOBE NEWSWIRE) --
David G. Nord to retire as Chief Executive Officer
Gerben W. Bakker Named President and Chief Executive Officer
Hubbell Incorporated (“Hubbell” or the “Company”) reported today that David G. Nord has announced his retirement as Chief Executive Officer of Hubbell Incorporated effective October 1, 2020. In connection with Mr. Nord’s retirement, the Hubbell Incorporated Board of Directors also announced that Gerben W. Bakker will succeed Mr. Nord as President and Chief Executive Officer, effective October 1, 2020. Mr. Bakker will also join the Hubbell Board at that time. These leadership changes are the product of the Board’s executive succession planning process and its transition planning with both Mr. Nord and Mr. Bakker. Mr. Nord will continue to serve as Hubbell’s Executive Chairman of the Board until the Company’s 2021 annual meeting in May to provide his continuing guidance and expertise, as well as to ensure a smooth transition.
Mr. Bakker was named President and Chief Operating Officer (COO) of Hubbell in June of 2019, after serving as President of the Power Systems group since 2014. During his tenure as COO, Mr. Bakker introduced a new operating rhythm to the enterprise while executing on Hubbell’s strategic initiatives and partnering closely with Mr. Nord to guide Hubbell through the COVID-19 pandemic. As President of Power Systems, Mr. Bakker oversaw a multi-year period of strong performance, building an industry-leading electrical T&D components business and leading many key acquisitions, including Aclara, in 2018. Mr. Bakker began his career with Hubbell Incorporated in 1988 as a manufacturing engineer with Hubbell Wiring Systems and has held positions of increasing leadership around the world in both Hubbell’s utility and electrical segments.
“I am proud of all that we have accomplished together during my tenure at Hubbell, and I am confident that this is the right time for this transition,” Mr. Nord commented. “I know the Company is in good hands with Gerben as its new CEO. The Hubbell Board of Directors selected Gerben for this role because of his proven leadership, strategic vision, and ability to deliver strong results for the enterprise. He is a strong, highly capable leader who I am confident will continue to build on a proven track record of success for Hubbell’s customers, shareholders and employees.”
Anthony Guzzi, Lead Independent Director of Hubbell, said “On behalf of the entire Board, I would like to thank Dave for his 15 years of service to Hubbell. Dave’s leadership enabled Hubbell to solve critical infrastructure problems for its customers and deliver strong financial returns for its shareholders, while simplifying Hubbell’s capital structure and building a strong leadership team for the future. Dave led Hubbell through a period of significant growth by overseeing a well-structured and strategic acquisition program that was rigorous, balanced and enhanced Hubbell’s competitive position across a variety of sectors, including establishing its leadership position within the utility industry. Most recently, Dave’s leadership in navigating Hubbell through the ongoing COVID-19 pandemic has been exceptional, and I am highly confident that the strategic, proactive response of the Company under his stewardship will result in a stronger Hubbell over the long term. I would like to congratulate Gerben on his new role and look forward to him building on Hubbell’s proud tradition as he guides the Company into the future.”
“It is truly a privilege to be named to this position,” said Mr. Bakker. “Throughout my more than 30 year career at Hubbell, I have experienced firsthand the strength of our people, products and long-term customer relationships. I look forward to building on the strong foundation that Dave established for Hubbell and continuing to deliver for Hubbell’s many stakeholders.”
FORWARD LOOKING STATEMENTS
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about management’s good faith expectations and belief. These statements may be identified by the use of forward-looking words or phrases such as “believe”, “expect”, “anticipate”, “plan”, “estimated”, “target”, “should”, “could”, “may”, "subject to", “continues”, “growing”, “projected”, “if”, “potential”, “will likely be”, and similar words and phrases. Such forward-looking statements are based on our current expectations and involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or the Company’s achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Important factors, among others, that could cause the Company’s actual results and future actions to differ materially from those described in forward-looking statements are described in the Company’s filings with the Securities and Exchange Commission, including without limitation the “Business”, “Risk Factors”, and “Quantitative and Qualitative Disclosures about Market Risk” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and any subsequently filed Quarterly Report on Form 10-Q.
Hubbell Incorporated is an international manufacturer of high quality, reliable electrical and utility solutions for a broad range of customer and end market applications. With 2019 revenues of $4.6 billion, Hubbell Incorporated operates manufacturing facilities in the United States and around the world. The corporate headquarters is located in Shelton, CT.
Contact: Dan Innamorato
40 Waterview Drive
P.O Box 1000
Shelton, CT 06484