Rotork PLC Chief Executive Appointment (9112A)
04 Janeiro 2018 - 5:00AM
UK Regulatory
TIDMROR
RNS Number : 9112A
Rotork PLC
04 January 2018
Rotork plc
Chief Executive Appointment
Rotork plc, the market-leading actuator manufacturer and flow
control company, today announces the appointment of Kevin Hostetler
as Chief Executive. Kevin will join the Board on 12 February 2018
and assume the role of Chief Executive from 12 March 2018. Martin
Lamb, currently Executive Chairman, will then revert to his role as
Non-Executive Chairman.
Martin Lamb, Executive Chairman of Rotork commented:
"I am delighted that we have secured Kevin Hostetler as our new
Chief Executive. Kevin has an impressive track record of delivering
profitable growth in a number of highly respected and innovative
global engineering businesses, with significant experience in the
flow control sector. He adopts leading edge practices and processes
honed at Ingersoll Rand, and has delivered transformational growth
for shareholders at IDEX Corp, a flow control business with highly
engineered products and strong customer service requirements
serving similar end markets to Rotork. Kevin has recently concluded
a successful exit after leading a three-year turnaround at FDH
Velocitel, a private equity backed telecoms business in the US, and
will relocate from Chicago to Bath. We look forward to welcoming
Kevin to Rotork".
Kevin Hostetler said:
"I am honoured to have been selected to lead one of the world's
premier engineering solutions businesses. Rotork has an impressive
track record founded on market-leading technologies, strong
customer service and excellent people. I am excited by the
opportunity to build on those firm foundations and lead Rotork
through its next phase of development. I look forward to joining in
February and assuming the Chief Executive role in March".
Enquiries:
Rotork plc Tel: +44 (0)1225 733
200
Martin Lamb, Executive
Chairman
Jonathan Davis, Finance
Director
Sarah Matthews-DeMers, Director of Strategy
and Investor Relations
FTI Consulting Tel: + 44 (0)20 3727
1340
Nick Hasell / Susanne
Yule
Notes:
1. Kevin Hostetler biography:
Kevin has accomplished significant results in substantial
international businesses with a strong technology foundation.
2014-2017 CEO of FDH Velocitel, a private equity backed
telecommunications and engineering consulting business in the USA,
which Kevin led through a successful turnaround and sale
process.
2012-2014 Executive advisor to private equity firms. Roles
included CEO of a speciality valve manufacturer and Executive
Chairman of an engineered high-pressure vessel company.
2005-2012 Senior executive at IDEX Corporation, a $2.2bn global
flow control business supplying pumps and valves, metering and
measurement equipment, and instrumentation controls serving end
markets including oil & gas, petrochemical, water and waste
water, power generation, pharmaceutical processing, and food &
beverage processing. In his most senior role at IDEX Kevin led the
Fluid and Metering Technologies Segment having accountability for
$850m of revenues and over 3000 people globally. He drove growth in
the water & wastewater segment taking it from $65m to $225m in
two years; and turned the fuels & energy division with
ancillary segments into a $250m platform business through a
comprehensive transformation programme. Kevin has excellent
international experience with leadership of IDEX's Asia and
Emerging Markets businesses and has managed, acquired and created
best in class manufacturing and shared service operations
globally.
1997-2004 Kevin held a number of leadership positions and senior
strategic and business development roles at Ingersoll Rand, which
is renowned for its world class management systems and business
processes. He successfully led a number of business transformation
and restructuring programmes, and was heavily engaged in the
innovation pipeline, and pioneering e-commerce initiatives deployed
in the service and aftermarket business.
Kevin studied Materials Engineering/Polymer Science at Penn
State University and completed his undergraduate studies at Kings
College, Pennsylvania, graduating with a Bachelors in Corporate
Finance. He also has an MBA in International Business from the
Stern School of Business at New York University.
2. As CEO of Rotork, Kevin will receive an annual salary of
GBP600,000 and a pension allowance of 25% of base salary. Kevin
will also be eligible to participate in the annual bonus plan up to
a maximum of 125% of base salary and the long-term incentive plan
up to 150% of base salary. All these remuneration arrangements are
consistent with the terms of the Directors' Remuneration Policy
approved by shareholders at the AGM in April 2017.
3. No information is required to be disclosed pursuant to
Listing Rule 9.6.13 in respect of Kevin Hostetler's appointment as
a Director of the Company.
4. Rotork will be announcing results for the year ending 31
December 2017 on 6 March 2018.
5. This announcement contains inside information that qualified,
or may have qualified, as inside information for the purposes of
Article 17 of the Market Abuse Regulation (EU) 596/2014 (MAR). For
the purposes of MAR and Article 2 of commission Implementing
Regulation (EU) 2016/1055, this announcement is made by Stephen R.
Jones, Company Secretary, for Rotork plc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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