Xylem Inc. (XYL), a leading name in the water solutions sector, has recently announced changes in its top management. Ms. Gretchen W. McClain, who was serving the company in the power of Chief Executive Officer (CEO) and President, has decided to step down, effective immediately.
Ms. McClain had been associated with Xylem since the company’s divestiture from ITT Corporation (ITT) in Oct 2011. Prior to this, Ms. McClain was working as the President of ITT Corp.’s Residential & Commercial Water business and later as President of the ITT Fluid and Motion Control business.
Mr. Steven R. Loranger, currently a director of Xylem, has been appointed as the new CEO. In the meantime, Xylem has begun the search for Ms. McClain’s successor as this is a temporary appointment. Prior to the spin off, Mr. Loranger was serving ITT Corp. in the power of Chairman, President and CEO of ITT Corporation.
Mr. Loranger’s long-standing association with the company will enable him to drive Xylem to newer heights.
With the appointment of the new CEO, Xylem reaffirmed its previously issued guidance. Revenues for 2013 are expected to be roughly $3.7 billion. Adjusted net income for 2013 is expected in the range of $260.0 million to $279.0 million, representing $1.40 to $1.50 earnings per share. Reported net income for 2013 is estimated in the range of $205.0 million to $237.0 million or $1.10 to $1.27 per share.
Xylem is based in White Plains, N.Y. and operates in more than 150 countries worldwide. The company currently has a $4.96 billion market capitalization and carries a Zacks Rank #5 (Strong Sell).
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