Pentair Announces Boards of Directors for Pentair and nVent Following Separation
Continuing to Target Completion of Separation on April 30, 2018
LONDON, United Kingdom - February 27, 2018 - Pentair plc (PNR) ("Pentair" or "the Company") today announced the members of the boards of directors for Pentair and nVent Electric plc ("nVent") following completion of the separation of Pentair`s Electrical business, which will be operated as nVent. Pentair continues to target the completion of the separation on April 30, 2018.
Pentair (the Company`s current Water business)
The Pentair Board will comprise the following individuals:
David A. Jones, Chairman; currently a Senior Advisor to Oak Hill Capital Partners, a private equity firm.
Glynis A. Bryan, Director; currently Chief Financial Officer of Insight Enterprises, Inc., a provider of information technology products and solutions to clients in North America, Europe, the Middle East and the Asia-Pacific region.
Jacques Esculier, Director; currently Chairman and Chief Executive Officer of WABCO Holdings, Inc., a leading global supplier of technologies and control systems for the safety and efficiency of commercial vehicles.
T. Michael Glenn, Director; currently a Senior Advisor to Oak Hill Capital Partners, a private equity firm.
Theodore L. Harris, Director; currently Chairman and Chief Executive Officer of Balchem Corporation, a provider of specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical, medical sterilization and industrial industries.
Matthew H. Peltz, Director; currently Partner and Senior Analyst of Trian Fund Management, L.P., a multi-billion dollar investment management firm.
Michael T. Speetzen, Director; currently Executive Vice President, Finance and Chief Financial Officer of Polaris Industries, Inc., a provider of all-terrain vehicles, snowmobiles, motorcycles and accessories.
John L. Stauch, Director; appointed as Chief Executive Officer of Pentair following the separation; currently serves as Executive Vice President and Chief Financial Officer of Pentair.
Billie Ida Williamson, Director; former Senior Assurance Partner for Ernst & Young, a multinational professional services firm.
Messrs. Harris, Peltz, Speetzen and Stauch are new appointments to the future Pentair Board; the other five directors currently serve on Pentair`s Board.
nVent (the Company`s current Electrical business)
The nVent Board will comprise the following individuals:
Randall J. Hogan, Chairman; currently Chairman and Chief Executive Officer of Pentair.
William T. Monahan, Lead Director; most recently served as Interim Chief Executive Officer and a Director on the Board of Novelis, Inc., a global leader in aluminum rolled products and aluminum can recycling.
Brian M. Baldwin, Director; currently Partner and Senior Analyst of Trian Fund Management, L.P., a multi-billion dollar investment management firm.
Jerry W. Burris, Director; former President and Chief Executive Officer of Associated Materials Group, Inc., a manufacturer of professionally installed exterior building products.
Susan M. Cameron, Director; retired Executive Chairman of the Board of Directors and former President and Chief Executive Officer of Reynolds American, Inc., a publicly-traded tobacco company.
Michael L. Ducker, Director; currently President and Chief Executive Officer of FedEx Freight, a segment of FedEx Corporation, a global provider of supply chain, transportation, business and related information services.
David H.Y. Ho, Director; currently Chairman and founder of Kiina Investment Limited, a venture capital firm that invests in start-up companies in the technology, media and telecommunications industries.
Ronald L. Merriman, Director; retired Vice Chair of KPMG, a global accounting and consulting firm.
Herbert K. Parker, Director; most recently served as Executive Vice President - Operational Excellence of Harman International Industries, Inc., a worldwide developer, manufacturer and marketer of audio products, lighting solutions and electronic systems.
Beth A. Wozniak, Director; appointed as Chief Executive Officer of nVent following the separation; currently serves as President of Pentair`s Electrical unit.
Mses. Cameron and Wozniak and Messrs. Baldwin, Ducker and Parker are new appointments to the nVent Board; the other five directors currently serve on the Pentair Board.
For more information on Pentair`s previously announced separation, please visit www.pentair.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "should," "would," "positioned," "strategy," "future" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to satisfy the necessary conditions to consummate the planned separation of our Water business and Electrical business into two independent, publicly-traded companies (the "Proposed Separation") on a timely basis or at all; the ability to successfully separate the Water and Electrical businesses and realize the anticipated benefits from the Proposed Separation; adverse effects on the Water and Electrical business operations or financial results and the market price of our shares as a result of the announcement or consummation of the Proposed Separation; unanticipated transaction expenses, such as litigation or legal settlement expenses; failure to obtain tax rulings or changes in tax laws; changes in capital market conditions; the impact of the Proposed Separation on our employees, customers and suppliers; overall global economic and business conditions impacting the Water and Electrical businesses; future opportunities that our board may determine present greater potential to increase shareholder value; the ability of the Water and Electrical businesses to operate independently following the Proposed Separation; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2017. All forward-looking statements speak only as of the date of this press release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this press release.
ABOUT PENTAIR PLC
Pentair plc (PNR) is a global company dedicated to building a safer, more sustainable world. Pentair delivers industry leading products, services and solutions that help people make the best use of the resources they rely on most. Its technology moves the world forward by ensuring that water is plentiful, useful and pure, and that critical equipment and those near it are protected. With 2017 revenues of $4.9 billion, Pentair employs approximately 19,000 people worldwide. To learn more, visit www.pentair.com.
PENTAIR CONTACTS:
Jim Lucas
Vice President, Investor Relations and Treasury
Direct: 763-656-5575
Email: jim.lucas@pentair.com
Marybeth Thorsgaard
Vice President, Communications
Direct: 763-656-5568
Email: marybeth.thorsgaard@pentair.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Pentair plc via GlobeNewswire
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