- Patrick Decker to retire from CEO position at the end of the
year and remain employed as an advisor through March 2024
- COO Matthew Pine to assume CEO position effective January 1,
2024
- William Grogan appointed CFO, succeeding Sandra Rowland,
effective October 1, 2023
- Company reaffirms third-quarter and full-year 2023
guidance
Xylem Inc. (NYSE: XYL), a leading global water technology
company dedicated to solving the world’s most challenging water
issues, today announced that after a distinguished decade leading
Xylem, President and Chief Executive Officer Patrick Decker has
announced his plans to retire as CEO at the end of 2023. In
accordance with the Company's long-term succession planning
process, Decker will be succeeded by Matthew Pine, Xylem’s Chief
Operating Officer, effective January 1, 2024. At that time, Decker
will retire from Xylem’s Board and Pine will join as a Director.
Decker and Pine will work closely together to ensure a smooth
transition.
Xylem has also appointed William Grogan, formerly Chief
Financial Officer of IDEX Corporation, to Senior Vice President and
Chief Financial Officer, effective October 1, 2023. Grogan succeeds
Sandra Rowland who is leaving to pursue new and different
opportunities. Both Decker and Rowland will remain employed through
March 2024 to serve as advisors and support the transitions.
Robert Friel, Chair of Xylem’s Board, commented, “With Patrick’s
decision to retire, we have the privilege of making these executive
appointments as Xylem’s strength, performance and momentum continue
to rise. The Board unanimously agrees that Matthew is the right
leader to drive the next chapter of value creation at Xylem.
Matthew brings a strategic, global mindset and deep operational
capability, and we look forward to his continued leadership in
advancing the Company’s impact around the world.”
Friel continued, “The Board is very grateful for Patrick’s
leadership over nearly ten years, a period during which Xylem
transformed into a global market leader with expanded scale and
international presence, the water industry’s most advanced
portfolio of solutions, and an outstanding record of value creation
– delivering more than 300% total return to shareholders. Under
Patrick’s visionary and passionate leadership, he and the team have
fortified Xylem’s competitive advantages and put the Company on a
path of continuing growth. Xylem’s future is very bright and we
thank Patrick for his service.”
Patrick Decker commented, “It has been a tremendous honor to
serve as CEO for nearly a decade. I am so proud of the impact the
Xylem team has had helping our customers and communities become
more water-secure and more sustainable. Having worked side-by-side
with Matthew for the past several years, I have full confidence he
will continue Xylem’s trajectory of growth and accelerate our focus
on both economic and social value creation. I want to thank Rob and
our entire Board of Directors for their steadfast encouragement and
partnership throughout my tenure. I am excited about Xylem’s next
chapter and look forward to working with Matthew over the next
several months to ensure a smooth transition.”
COO Matthew Pine said, “Xylem is an outstanding company with an
exceptionally talented and purpose-driven team. I am humbled and
excited to have the opportunity to build on the strong foundation,
momentum and long-term trajectory created under Patrick’s
leadership. As we integrate two great companies – Xylem and Evoqua
– the whole team is committed to helping our customers address
intensifying global water challenges by applying the power of
technology and innovation, driving the digital transformation of
water, and delivering solutions at scale. Together with our
partners, we have an unparalleled opportunity to deliver even more
impact, alongside profitable growth and value creation for all our
stakeholders.”
Commenting on the CFO succession, Decker said, “Bill will be an
outstanding partner in guiding Xylem’s future, and Matthew and I
are thrilled to welcome him to the team. A strategic global finance
leader, Bill brings an impressive track record of value creation
over 20-plus years. His deep experience delivering profitable
organic and inorganic growth, focus on productivity, and
disciplined approach to capital deployment will serve Xylem well as
we continue on our path to deliver sustained organic growth, margin
expansion, and above-market returns.”
Decker concluded, “On behalf of our entire company, I want to
extend heartfelt thanks to Sandy for her countless contributions as
our CFO over the past three years. Her energizing leadership and
commitment to excellence have put us in a position of robust
financial health and steered us confidently into the next phase of
Xylem’s growth.”
The Company is reaffirming its third-quarter and full-year 2023
guidance issued on August 2, 2023.
About Our Executives
Matthew Pine joined Xylem in 2020. During his tenure, he has led
Xylem’s Applied Water Systems and Measurement & Control
Solutions segments and the Americas Commercial Team. As Chief
Operating Officer, he currently leads Xylem’s regions, business
segments and the Company’s global innovation, technology, product
management, IT, integrated supply chain, and digital functions.
Prior to joining Xylem, Mr. Pine amassed more than 25 years of
experience in general management, sales, marketing, digital and
product management, including as President of Carrier Residential
for United Technologies Corporation, Marketing and Product
Management Lead for the Carrier Residential HVAC business unit,
Head of Power Plant Sales Technology in Central Europe for Vestas
Wind Systems, Director of Product Management and Marketing for
Lennox International Inc., and sales and marketing leadership roles
at Trane Residential & Light Commercial Systems.
William Grogan has served since 2017 as Executive Vice President
and Chief Financial Officer of IDEX Corporation (NYSE: IEX), a
diversified manufacturer of highly engineered, mission-critical
products for a wide range of markets. At IDEX, Mr. Grogan was
responsible for a global financial strategy that supported more
than doubling the Company’s market cap to $17 billion during his
tenure as CFO. He previously held finance leadership roles at
Walgreens, Highway Technologies, Crane, and Sears. Mr. Grogan
earned a Bachelor’s Degree in Finance from Merrimack College and an
MBA from Kellogg Graduate School of Management at Northwestern
University. He is a member of the Board of Directors and the Audit
Committee for Crane NXT (NYSE: CXT).
About Xylem
Xylem (XYL) is a leading global water technology company
committed to solving the world’s critical water, wastewater, and
water-related challenges through technology, innovation, and
expertise. Our more than 22,000 diverse employees delivered
combined pro forma revenue of $7.3 billion in 2022. We are creating
a more sustainable world by enabling our customers to optimize
water and resource management and helping communities in more than
150 countries become water-secure. Join us in the effort at
www.xylem.com and Let’s Solve Water.
Forward-Looking Statements
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Generally, the
words “anticipate,” “estimate,” “expect,” “project,” “intend,”
“plan,” “contemplate,” “predict,” “forecast,” “likely,” “believe,”
“target,” “will,” “could,” “would,” “should,” “potential,” “may”
and similar expressions or their negative, may, but are not
necessary to, identify forward-looking statements. By their nature,
forward-looking statements address uncertain matters and include
any statements that are not historical, such as statements about
our strategy, financial plans, outlook, objectives, plans,
intentions or goals (including those related to our social,
environmental and other sustainability goals); or address possible
or future results of operations or financial performance, including
statements relating to orders, revenues, operating margins and
earnings per share growth. Such statements are not guarantees of
future performance. Although we believe that the expectations
reflected in any of our forward-looking statements are reasonable,
actual results could differ materially from those projected or
assumed in any of our forward-looking statements. The
forward-looking statements included in this press release are also
subject to a number of material risks and uncertainties set forth
under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for
the year ended December 31, 2022, and in subsequent filings we make
with the Securities and Exchange Commission. All forward-looking
statements made herein are based on information currently available
to us as of the date of this press release. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230905069092/en/
Media Houston Spencer +1 (914) 323-5723
houston.spencer@xylem.com
Investors Andrea van der Berg +1 (914) 260-8612
andrea.vanderberg@xylem.com
Xylem (NYSE:XYL)
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