Itron Announces Chief Financial Officer Transition
March 28 2017 - 8:45AM
Business Wire
Itron, Inc. (NASDAQ: ITRI), announced today that Mark Schmitz,
the company’s executive vice president and chief financial officer
(CFO) since September 2014, will be stepping down from the
position, effective immediately. The company has engaged a firm to
conduct an external search for qualified candidates to fill the
position. During the transition, Robert Farrow, Itron’s current
vice president, strategic planning and treasury, will serve as
interim CFO of the company until the search for a permanent
replacement is complete. Schmitz will remain available for one
month to ensure a smooth transition during the first quarter
accounting close.
“During Mark’s tenure as CFO, he was instrumental in helping
Itron begin its business transformation to a more predictable,
profitable and growing company,” said Philip Mezey, Itron’s
president and chief executive officer. “The board and I would like
to thank Mark for his many contributions, and we wish him the best
in his future endeavors.”
“As Itron continues its business transformation, we are seeking
an executive finance leader who builds upon Itron’s strong
financial foundation as we develop a nimble finance organization
focused on enabling our corporate strategy and achieving our next
phase of growth,” continued Mezey.
Robert Farrow will serve as interim CFO. Farrow, age 59, joined
Itron in October 2015 with 35 years of finance and treasury
experience. Before joining the company, he served as vice
president, financial services and treasury and as corporate
treasurer for Alghanim Industries, which he joined in June 2009.
From 1994 to 2009, Farrow held positions of increasing
responsibility in finance and treasury at General Electric,
including CFO of GE Hydro.
“We are fortunate to have Rob, a highly qualified finance
professional, on staff to serve as our interim CFO while we recruit
Mark’s replacement,” said Mezey. “Rob will lead the internal
efforts currently underway to ensure that we are improving
predictability, profitability and growth.”
About Itron
Itron is a world-leading technology and services company
dedicated to the resourceful use of energy and water. We provide
comprehensive solutions that measure, manage and analyze energy and
water. Our broad product portfolio includes electricity, gas, water
and thermal energy measurement devices and control technology;
communications systems; software; as well as managed and consulting
services. With thousands of employees supporting nearly 8,000
customers in more than 100 countries, Itron applies knowledge and
technology to better manage energy and water resources. Together,
we can create a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third party
trademarks are property of their respective owners and any usage
herein does not suggest or imply any relationship between Itron and
the third party unless expressly stated.
Forward-Looking Statements
This Press Release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements relate to the Chief Financial Officer
transition and other statements that are not historical fact.
Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, any of these
assumptions could prove to be inaccurate and the forward-looking
statements based on these assumptions could be incorrect. Actual
results may differ materially from those suggested or implied by
the forward-looking statements depending on a variety of factors.
Some of these factors include our ability to conduct an executive
search, our ability to identify and attract a successor to the
Chief Financial Officer and other risk factors discussed in Itron,
Inc.’s filings with the Securities and Exchange Commission. We
undertake no obligation to update any information contained in this
Press Release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170328005607/en/
Itron, Inc.Sharelynn Moore, 509-891-3524Vice President,
Global Marketing and Public Affairssharelynn.moore@itron.com
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