Shelton, CT, July 29, 2020 (GLOBE NEWSWIRE) -- Hubbell Incorporated announced today the consolidation of its Electrical segment from three business groups to a single operating group, Hubbell Electrical Solutions. Hubbell Electrical Solutions combines Hubbell’s Commercial & Industrial group, Construction & Energy group, and Lighting group into a unified operating group which complements Hubbell’s other operating group, Hubbell Utility Solutions.
David Nord, Hubbell’s Chairman and Chief Executive Officer, commented, “The combination of our three electrical operating groups into one strengthens Hubbell as a company and will provide growth opportunities and efficiencies for our customers and shareholders.” Noted Gerben Bakker, Hubbell’s President and Chief Operating Officer, “The Electrical Solutions group unites business groups with similar operating models, products and go to market strategies under one unified operating banner, driving synergies and long-term growth opportunities for Hubbell. This new alignment allows Hubbell to better execute on our four key foundational pillars: (i) serving the customer, (ii) growing the enterprise, (iii) operating with discipline, and (iv) developing our people.”
In connection with this consolidation, Hubbell has appointed Peter Lau as the new President of Hubbell Electrical Solutions. Mr. Lau will join Hubbell in August. He will report to Mr. Bakker and will lead the consolidation of the newly formed Hubbell Electrical Solutions. Coming most recently from Honeywell where he led the Security and Fire divisions, Mr. Lau has nearly 20 years of leadership experience with a strong track record of driving innovation and efficiencies in the electrical industry. Mr. Bakker noted, “Peter brings to Hubbell tremendous relevant operational and customer experience and will be a great addition to our team. Peter is a proven leader who we believe is uniquely capable of driving Hubbell Electrical Solutions to its full potential.”
Concurrently, Hubbell has promoted Rodd Ruland, former Group President of Hubbell’s Construction and Energy group to Executive Vice President, Transition and Integration. In this newly created role, Mr. Ruland will continue to report to Mr. Bakker, but is tasked with supporting Hubbell’s transition into its new operating structure. Mr. Ruland has been with Hubbell since its acquisition of Burndy in 2009.
Mr. Bakker commented, “Rodd had recently expressed a desire to retire after a very successful career at Hubbell leading first our Burndy business and then our Construction and Energy group, but he has graciously agreed to postpone his retirement for a year to ensure a successful start to the new Hubbell Electrical Solutions.”
Mr. Nord concluded, “Our mission at Hubbell remains to enable our customers to operate critical infrastructure safely, reliably and efficiently. We are confident that we have the right leadership in place across both Hubbell Electrical Solutions and Hubbell Utility Solutions to ensure long-term success for the enterprise.”
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