Pentair Names Additional Senior Leadership for nVent Electric plc Post Separation
November 20 2017 - 4:30PM
LONDON, United Kingdom - November 20, 2017 -
Pentair plc (NYSE: PNR) announced today that it has named Lynnette
Heath as Executive Vice President and Chief Human Resources Officer
(CHRO), Jon Lammers as Executive Vice President, General Counsel
and Secretary, and Ben Sommerness as Executive Vice President,
Chief Growth and Strategy Officer for Pentair's Electrical
business, which is expected to separate from Pentair's Water
business in the second quarter of 2018, forming two independent,
publicly-traded companies. As previously announced, the future
Electrical company will be named nVent Electric plc ("nVent").
"I am excited to have these talented leaders join
my senior leadership team and am confident that we have identified
the best team to execute on our vision as a high performance
electrical company," said Beth Wozniak, Senior Vice President and
President, Pentair Electrical, and future nVent CEO. "Filling
these leadership roles is an important milestone toward our
completion of Pentair's separation into two leading public
companies."
Ms. Heath joins as Executive Vice President and
Chief Human Resource Officer from Twin Cities-based Entrust
Datacard, where she served as Senior Vice President of Global Human
Resources since 2009. Previously, she served in HR roles at General
Electric, McKesson Corp. and Northern States Power (now Xcel
Energy).
Mr. Lammers joins as Executive Vice President,
General Counsel and Secretary from Wichita-based Foulston Siefkin.
Previously he served as Senior Vice President, General Counsel and
Secretary at Spirit AeroSystems and held various senior legal roles
at Cargill in Minneapolis, Wichita and Singapore. Prior to his
corporate experience, Mr. Lammers practiced law at Oppenheimer,
Wolff & Donnelly and Paul Hastings.
Mr. Sommerness joins as Executive Vice President,
Chief Growth and Strategy Officer from Twin Cities-based Smiths
Medical, where he served as Vice President of Global Strategy and
Transformation since 2010. Previously he served in leadership roles
at the Boston Consulting Group, Talmadge Consulting and G&K
Services.
CAUTION CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact are forward-looking statements.
Without limitation, any statements preceded or followed by or that
include the words "targets," "plans," "believes," "expects,"
"intends," "will," "likely," "may," "anticipates," "estimates,"
"projects," "should," "would," "positioned," "strategy," "future"
or words, phrases or terms of similar substance or the negative
thereof, are forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, assumptions and other factors, some of
which are beyond our control, which could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These factors include the ability to
satisfy the necessary conditions to consummate the planned
separation of our Water business and Electrical business into two
independent, publicly-traded companies (the "Proposed Separation")
on a timely basis or at all; the ability to successfully separate
the Water and Electrical businesses and realize the anticipated
benefits from the Proposed Separation; adverse effects on the Water
and Electrical business operations or financial results and the
market price of our shares as a result of the announcement or
consummation of the Proposed Separation; unanticipated transaction
expenses, such as litigation or legal settlement expenses; failure
to obtain tax rulings or changes in tax laws; changes in capital
market conditions; the impact of the Proposed Separation on our
employees, customers and suppliers; overall global economic and
business conditions impacting the Water and Electrical businesses;
future opportunities that our board may determine present greater
potential to increase shareholder value; the ability of the Water
and Electrical businesses to operate independently following the
Proposed Separation; the ability to achieve the benefits of our
restructuring plans; the ability to successfully identify, finance,
complete and integrate acquisitions; competition and pricing
pressures in the markets we serve; the strength of housing and
related markets; volatility in currency exchange rates and
commodity prices; inability to generate savings from excellence in
operations initiatives consisting of lean enterprise, supply
management and cash flow practices; increased risks associated with
operating foreign businesses; the ability to deliver backlog and
win future project work; failure of markets to accept new product
introductions and enhancements; the impact of changes in laws and
regulations, including those that limit U.S. tax benefits; the
outcome of litigation and governmental proceedings; and the ability
to achieve our long-term strategic operating goals. Additional
information concerning these and other factors is contained in our
filings with the SEC, including our Quarterly Report on Form 10-Q
for the quarter ended September 30, 2017. All forward-looking
statements speak only as of the date of this press release. Pentair
plc assumes no obligation, and disclaims any obligation, to update
the information contained in this press release.
About Pentair
Pentair plc (NYSE: PNR) is a global company dedicated to building a
safer, more sustainable world. Pentair delivers industry leading
products, services and solutions that help people make the best use
of the resources they rely on most. Its technology moves the world
forward by ensuring that water is plentiful, useful and pure, and
that critical equipment and those near it are protected. With 2016
revenues of $4.9 billion, Pentair employs approximately 19,000
people worldwide. To learn more, visit pentair.com.
###
Pentair contact:
Jim Lucas
Vice President, Investor Relations and Treasury
Direct: 763-656-5575
Email: jim.lucas@pentair.com
Rebecca Osborn
Senior Manager, External Communications
Tel: 763-656-5589
Email: rebecca.osborn@pentair.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Pentair plc via Globenewswire
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