Westinghouse Announces Chief Executive Officer Transition; Appointment of Patrick Fragman as CEO

Date : 05/16/2019 @ 1:32PM
Source : PR Newswire (US)
Stock : Brookfield Business Partners LP (BBU.UN)
Quote : 51.19  0.0 (0.00%) @ 9:29PM
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Westinghouse Announces Chief Executive Officer Transition; Appointment of Patrick Fragman as CEO

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CRANBERRY TOWNSHIP, Pa., May 16, 2019 /PRNewswire/ -- Westinghouse Electric Company ("Westinghouse") announced today that José Emeterio Gutiérrez will step down as President and Chief Executive Officer on July 31, 2019, following more than a decade of service with the company. Patrick Fragman, currently Group Senior Vice President at ABB Limited, has been appointed as President and CEO effective August 19. In the interim, an Executive Committee comprised of members of Westinghouse's senior leadership team will manage the day-to-day affairs of the company.

Gutiérrez joined Westinghouse in 2008 as technical director of Nuclear Services and Regional Vice President of Spain and took on progressively more senior roles before being appointed interim President and CEO in 2016 and President and CEO in 2017. Under his leadership, Westinghouse successfully emerged from Chapter 11 as a leaner, stronger organization focused on its core business. 

Gutiérrez will continue to have a strategic role with Westinghouse as a member of a Global Advisory Board, an entity being established to provide guidance on Westinghouse's international strategy to drive global growth.

"It has been an honor to serve as President and CEO of Westinghouse, a truly iconic company and global leader in the nuclear industry," said Gutiérrez.  "I look forward to continuing to support the company's international growth strategy as a member of the Global Advisory Board."

"On behalf of the Board of Directors, I would like to thank José for his contributions as President and CEO during a transformative time for the business," said Denis Turcotte, Chair, Westinghouse Board of Directors.  "We look forward to welcoming Patrick, a respected global executive in the sector, with deep expertise of both the industry and markets in which Westinghouse operates. We are confident the business is well positioned to continue to strengthen and grow under his leadership."

Patrick Fragman will bring almost 30 years of global power and energy services experience to the role of President and CEO.  Most recently, as Group Senior Vice President of ABB Limited's Grid Integration business, he is accountable for an industry-leading global portfolio delivering leading power transmission systems, services and software solutions. Before joining ABB, Fragman spent 15 years at Alstom in senior roles based in the U.S., France, Canada, and China, most recently leading its nuclear business, contributing to significant growth of customer contracts and new offerings.  Earlier in his career, Fragman worked in various energy-focused roles within the French government. 

"I am delighted to have the opportunity to lead Westinghouse, an industry leader with a reputation for best-in-class customer service and innovation," said Fragman.  "I look forward to working with employees and Westinghouse stakeholders to further build momentum as a leading provider of key services to the world's nuclear fleet."

Westinghouse Electric Company is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first commercial pressurized water reactor in 1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants.  For more information, please visit www.westinghousenuclear.com.

Westinghouse is a subsidiary of Brookfield Business Partners, a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. For more information, visit https://bbu.brookfield.com

Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc., a leading global alternative asset manager with more than $365 billion of assets under management. For more information, please visit https://bbu.brookfield.com.

Contact: Sarah Cassella
Manager, External Communications
Westinghouse Electric Company
Telephone: +1 412-374- 4744
Email: cassels@westinghouse.com

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SOURCE Westinghouse Electric Company

Copyright 2019 PR Newswire

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