Mueller Water Products, Inc. (NYSE: MWA) (“Mueller” or the
“Company”) today announced that Marietta (“Martie”) Edmunds Zakas,
the Company’s Chief Financial Officer, has been appointed to the
role of Chief Executive Officer as the Company conducts a search
for a permanent CEO. Scott Hall has stepped down as President, CEO
and member of the Board of Directors (the “Board”). Steven
(“Steve”) S. Heinrichs, current Executive Vice President, Chief
Legal and Compliance Officer and Corporate Secretary, will serve as
Chief Financial Officer and Chief Legal and Compliance Officer
while this transition is underway. In addition, Paul McAndrew,
Senior Vice President, Operations and Supply Chain, has been
appointed Chief Operating Officer. Mr. Hall will serve in an
advisory role at the Company to ensure a smooth transition. These
changes are effective immediately.
“We are delighted to have Martie serve as Chief Executive
Officer,” said Mark J. O’Brien, Board Chair. “Having been a member
of the Company’s leadership for 16 years, Martie has a deep
understanding of our business and strategy and has demonstrated
passion and commitment to our people and mission. The Board is
confident that under Martie’s leadership, we will continue
delivering on our strategic initiatives to achieve net sales growth
and margin expansion for the benefit of all stakeholders, including
our shareholders.”
“Steve and Paul are proven executives, and we are thrilled to be
expanding their leadership roles at Mueller,” continued Mr.
O’Brien. “Steve is deeply invested in Mueller’s financial and
operational success and Paul has a long and successful track record
in operational, engineering and sales leadership positions at
leading global companies. In less than a year since he joined the
Company, Paul has already made a tremendous impact and we look
forward to him taking on an expanded role across the organization
to drive operational excellence and deliver industry-leading
customer service. We are confident in the future of Mueller as we
enter this next phase of leadership.”
Ms. Zakas said, "It is a privilege to take on this
responsibility as we position Mueller for continued growth. We have
a strong team in place and clear growth and margin-enhancing
opportunities, supported by the future benefits from the federal
infrastructure bill funding and ramp-up of our new brass foundry in
2024. During my time at Mueller, I have admired the talented women
and men who are committed to excellence, innovation and execution
each and every day. I look forward to working with Steve and Paul
in their new roles and the entire leadership team as we navigate
the external environment and focus on enhancing our customer
experience, executing our operational initiatives and building on
our strong foundation as a provider of products and solutions for
our critical water infrastructure.”
Mr. O’Brien concluded, “On behalf of the entire Board, I want to
thank Scott for his contributions and years of service to Mueller.
The Board and Scott determined that at this stage in the Company’s
transformation, with our capital investment phase nearing
completion, the time is right to bring in a new leader to help
Mueller achieve its potential as America’s water infrastructure is
rebuilt. Scott has been a driving force in positioning the Company
for long-term success, and we are appreciative that we will
continue to benefit from his knowledge through this leadership
transition period. We wish him all the best in his future
endeavors.”
Mr. Hall said, "It has been an honor to lead Mueller for the
last six years. Mueller has an excellent team of dedicated
employees who will continue to drive the Company's future success.
I look forward to assisting in this transition, and I am confident
that Martie, Steve, Paul, the Board and the talented management
team will continue to provide steady leadership for the
Company.”
The Company will retain a leading executive search firm to
assist in a comprehensive search process to identify a permanent
CEO, with both internal and external candidates being
considered.
The Company also reaffirmed its full-year fiscal 2023 outlook as
stated in the Company’s Q3 2023 earnings press release.
Update on Proactive and Accelerated Board Refreshment
Plan
The Company is committed to further refreshing the Board by
adding new directors with fresh perspectives in the near term to
further align the Board’s experience and skills with the Company’s
strategic direction. The previously announced accelerated
refreshment plan calls for members of the Board with more than 10
years of service to depart no later than the 2026 Annual Meeting.
As part of this plan, two Board members, Mark J. O’Brien and
Michael (“Mike”) T. Tokarz, have indicated they will not stand for
re-election to the Board at the 2024 Annual Meeting. As part of its
ongoing commitment to Board refreshment, Mueller is continuing to
identify and evaluate outstanding candidates with skills and
experience to enhance the Company’s Board. In addition, Ms. Zakas
has been appointed as a member of the Board.
“I would like to extend my gratitude to Mark and Mike for their
significant contributions to Mueller since it was spun off as an
independent, publicly-traded company,” said Dr. Lydia W. Thomas,
Chair of the Board’s Nominating and Corporate Governance Committee.
“Throughout their tenures on the Board, they have each provided
valuable expertise and guidance that has supported Mueller in
successfully advancing our strategy and driving value for all our
stakeholders. I wish them both well in their next chapters.”
Update on Cooperation Agreement with Ancora
Current Board members Brian L. Slobodow and Karl Niclas
Ytterdahl will be nominated by the Board to stand for reelection to
the Board at the 2024 Annual Meeting. As a result, under the terms
of the existing cooperation agreement between the Company and
Ancora Holdings Group, LLC and its affiliates (“Ancora”), the
standstill, voting commitments and other provisions applicable to
Ancora have been automatically extended.
About Martie Edmunds Zakas
Martie Zakas previously served as the Executive Vice President
and Chief Financial Officer of Mueller Water Products since 2018
and has extensive leadership experience in finance, strategy
and implementing proven strategies to deliver value. She has
directed Mueller’s strategic planning, investor relations and
corporate communications activities since 2006. Prior to joining
the Company, Ms. Zakas spent five years in a variety of senior
leadership roles at Russell Corporation, a $1.4 billion athletic
apparel, footwear and equipment company prior to its 2006
acquisition by Berkshire Hathaway. From 1993 to 2000, Ms. Zakas
served as corporate vice president, director of investor relations
and corporate secretary for Equifax, Inc., a global data, analytics
and technology company. Ms. Zakas began her career as an investment
banker at Morgan Stanley. Ms. Zakas earned a Bachelor of Arts
degree from Randolph-Macon Woman’s College (now known as Randolph
College), a Master of Business Administration degree from the
University of Virginia Darden School of Business and a Juris Doctor
from the University of Virginia School of Law. Ms. Zakas is a
director of BlueLinx Holdings, Inc., a former director of Atlantic
Capital Bancshares, Inc. and serves on the Board of Trustees of the
University of Virginia Darden School Foundation.
About Steve Heinrichs
Steve Heinrichs previously served as the Executive Vice
President, Chief Legal and Compliance Officer and Corporate
Secretary of Mueller Water Products. Prior to joining Mueller in
August 2018, Mr. Heinrichs served as Senior Vice President, General
Counsel and Secretary of Neenah, Inc., a leading global specialty
materials company. For the past 25 years, Mr. Heinrichs has engaged
in both private practice and in-house legal counsel roles for
public and private companies. Mr. Heinrichs earned a Bachelor of
Arts degree from the University of Virginia, a Juris Doctor from
Tulane University Law School, and a Master of Business
Administration from the Kellogg School of Management at
Northwestern University. In addition to his extensive legal
background, Mr. Heinrichs has deep experience with strategic
planning, finance and treasury matters, securities regulation and
disclosure, financial compliance, risk management, tax compliance
and planning, and mergers and acquisitions.
About Paul McAndrew
Paul McAndrew previously served as Senior Vice President of
Global Operations and Supply Chain at Mueller Water Products since
joining the Company in 2022, overseeing the Company’s global
manufacturing operations and supply chain. He is a seasoned global
operating executive with strong leadership experience in
operations, engineering and sales. Prior to Mueller, Mr. McAndrew
worked at Emerson as a Vice President and General Manager of
Professional Tools. There he held full P&L responsibility and
leadership across all functions, including sales and marketing,
product management and engineering, operations and supply chain and
human resources. From 2003 to 2017, Mr. McAndrew worked at Kautex
Textron, serving in various operating roles in multiple countries.
Mr. McAndrew earned a Bachelor of Science degree from Cardiff
University.
Forward-Looking Statements
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of the
federal securities laws. All statements that address activities,
events or developments that the Company intends, expects, plans,
projects, believes or anticipates will or may occur in the future
are forward-looking statements, including, without limitation,
statements regarding outlooks, projections, forecasts,
expectations, commitments, trend descriptions and the ability to
capitalize on trends, value creation, Board and committee
composition plans, long-term strategies and the execution or
acceleration thereof, operational improvements, inventory
positions, the benefits of capital investments, financial or
operating performance including improving sales growth and driving
increased margins, capital allocation and growth strategy plans,
the Company’s product portfolio positioning and the demand for the
Company’s products. Forward-looking statements are based on certain
assumptions and assessments made by the Company in light of the
Company’s experience and perception of historical trends, current
conditions and expected future developments. Actual results and the
timing of events may differ materially from those contemplated by
the forward-looking statements due to a number of factors,
including, without limitation, the factors that are described in
the section entitled “RISK FACTORS” in Item 1A of the Company’s
most recent Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (the “SEC”) on November 18,
2022, and later filings with the SEC on Form 10-Q. Forward-looking
statements do not guarantee future performance and are only as of
the date they are made. The Company undertakes no duty to update
its forward-looking statements except as required by law. Undue
reliance should not be placed on any forward-looking statements.
You are advised to review any further disclosures the Company makes
on related subjects in subsequent Forms 10-K, 10-Q, 8-K and other
reports filed with the SEC.
About Mueller Water Products,
Inc.
Mueller Water Products, Inc. is a leading manufacturer and
marketer of products and services used in the transmission,
distribution and measurement of water in North America. Our broad
product and service portfolio includes engineered valves, fire
hydrants, pipe connection and repair products, metering products,
leak detection, pipe condition assessment, pressure management
products, and software technology that provides critical water
system data. We help municipalities increase operational
efficiencies, improve customer service and prioritize capital
spending, demonstrating why Mueller Water Products is Where
Intelligence Meets Infrastructure®. Visit us at
www.muellerwaterproducts.com.
Mueller refers to one or more of Mueller Water Products, Inc.
(MWP), a Delaware corporation, and its subsidiaries. MWP and each
of its subsidiaries are legally separate and independent entities
when providing products and services. MWP does not provide products
or services to third parties. MWP and each of its subsidiaries are
liable only for their own acts and omissions and not those of each
other. Mueller brands include Mueller®, Echologics®, Hydro Gate®,
Hydro-Guard®, HYMAX®, i2O®, Jones®, Krausz®, Mi.Net®, Milliken®,
Pratt®, Pratt Industrial®, SentryxTM, Singer®, and U.S. Pipe Valve
& Hydrant. Please see muellerwp.com/brands to learn more.
Investor Relations and Media Contact: Whit
Kincaid770-206-4116wkincaid@muellerwp.com
Mueller Water Products (NYSE:MWA)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Mueller Water Products (NYSE:MWA)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024