Jacuzzi Brands Names Alex P. Marini President and Chief Executive Officer Effective August 31, 2006
July 18 2006 - 9:14AM
Business Wire
Jacuzzi Brands, Inc. (or "the Company") today announced the
appointment of Alex P. Marini as Chief Executive Officer of the
Company, effective August 31, 2006. Mr. Marini will succeed David
H. Clarke, Jacuzzi Brands' Chief Executive Officer, who is
retiring. Mr. Clarke will also retire as Chairman and a member of
the Board of Directors effective September 30, 2006, at which time
the Board intends to appoint an existing member as Non-Executive
Chairman. Mr. Marini, 59, was named President and Chief Operating
Officer of Jacuzzi Brands in August 2005. He joined Zurn, the
Company's Commercial Plumbing Products business, in 1969 and was
named President of Zurn in 1996. Under Mr. Marini's direction, Zurn
has become one of the commercial plumbing industry's most respected
and successful companies. David H. Clarke, 65, stated, "Over the
last year, Al Marini has demonstrated his potential to assume the
responsibilities of CEO. He has brought to the Bath segment the
same enthusiasm, business acumen, and creativity that generated
outstanding financial results at Zurn over the last several years.
While there is still work to be done at the Bath segment, Al and
his team have already made tremendous progress. Importantly, he has
garnered the trust and respect of our employees, suppliers and
customers." Mr. Clarke continued, "At the time of Al's appointment
to President and Chief Operating Officer of Jacuzzi Brands, I
agreed to suspend my previously announced retirement in order to
promote continuity in operations and strategic initiatives. I will
work closely with Al and the Board throughout the summer to ensure
a smooth transition. While I will be leaving Jacuzzi Brands to
devote full time to my personal interests, I remain fully
optimistic about this Company's prospects and intend to remain a
shareholder." Mr. Marini commented, "I am grateful to David and the
Board for the opportunity to assume this expanded role, and am
excited by the prospects to further strengthen Jacuzzi Brands
presence in the various 'water' markets that our Company serves.
While our immediate focus is the continued improvement of the Bath
business and continued growth at Zurn, we will also continue to
review strategic alternatives as part of our overall strategy to
enhance long-term shareholder value. I also want to thank the
numerous Zurn associates with whom I have served over the past 37
years. Under David's leadership, Jacuzzi Brands has undergone a
significant transformation centered around water technology. I
believe that there are substantial opportunities to expand this
platform in related water businesses. I am fortunate to have a
solid foundation, consisting of a talented team of managers, a
widely-recognized portfolio of brands in attractive market
segments, and a balance sheet that is the strongest in the
Company's history." Mr. Marini continued, "Over the last year, the
team we have assembled at Jacuzzi Brands has created significant
momentum. We have worked together to strengthen our customer
relationships and maintain leading positions in numerous market
segments. We are maintaining a focus on lower-cost foreign sourcing
initiatives at the Bath business, applying many of the same
principles that Zurn has employed for nearly 30 years. We have also
made great strides in introducing innovative products focused on
the restorative properties of water, and feature-rich,
user-friendly products for professional contractors." About Jacuzzi
Brands Jacuzzi Brands, Inc. through its subsidiaries, is a global
manufacturer and distributor of branded bath and plumbing products
for the residential, commercial and institutional markets. These
include whirlpool baths, spas, showers, sanitary ware and bathtubs,
as well as professional grade drainage, water control, commercial
faucets and other plumbing products. Its products are marketed
under its portfolio of brand names, including JACUZZI(R),
SUNDANCE(R), ZURN(R), and ASTRACAST(R). Learn more at
www.jacuzzibrands.com. This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including the Company's current expectations
with respect to future market conditions, future operating results
and other plans. Words such as "expects," "intends," "anticipates,"
"plans," "projects," "probably," "believes," "estimates," "may,"
"will," "should," "shall," and similar expressions typically
identify such forward-looking statements. Even though the Company
believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. In particular,
various economic and competitive factors, including those outside
our control, such as interest rates, foreign currency exchange
rates, inflation rates, instability in domestic and foreign
financial markets, acts of war, terrorist acts, outbreaks of new
diseases, consumer spending patterns, energy costs and
availability, freight costs, availability of consumer and
commercial credit, adverse weather, levels of residential and
commercial construction, changes in raw material and component
costs, and the credit worthiness of our customers, insurers, and
investees, and other factors contained in the Company's filings
with the Securities and Exchange Commission could cause our actual
results in fiscal 2006 and in future years to differ materially
from those expressed in this press release.
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