Flowserve Announces Executive Leadership Transition Plan
Mark Blinn plans to retire as President, Chief Executive Officer and a member of the Board of Directors. To ensure an orderly transition, Mr. Blinn will remain in those roles until the appointment of his successor.
Flowserve’s Board of Directors has a robust succession planning process and, in an effort to consider both internal and external candidates, has initiated a search to identify a successor to Mr. Blinn.
Mr. Blinn joined
“After 12 years at
“Under Mark’s leadership, the Company has made tremendous progress executing its strategic plan,” said
William C. Rusnack, Chairman of the Board of Directors. “He has been instrumental in overseeing a number of significant acquisitions that have enhanced Flowserve’s geographic presence and product offerings and positioned the Company for continued success. Mark has been an effective leader across market cycles, and the Board thanks him for his many years of service and his dedication to our Company, employees, customers and shareholders.”
Mr. Rusnack continued, “The Board and Mark have been discussing
succession planning for some time, and we are confident that the orderly
search process we are now undertaking will ensure a smooth transition
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The forward-looking statements included in this news release are based
on our current expectations, projections, estimates and assumptions.
These statements are only predictions, not guarantees. Such
forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from what is
forecast in such forward-looking statements, and include, without
limitation, the following: a portion of our bookings may not lead to
completed sales, and our ability to convert bookings into revenues at
acceptable profit margins; changes in global economic conditions and the
potential for unexpected cancellations or delays of customer orders in
our reported backlog; our dependence on our customers’ ability to make
required capital investment and maintenance expenditures; risks
associated with cost overruns on fixed-fee projects and in taking
customer orders for large complex custom engineered products; the
substantial dependence of our sales on the success of the oil and gas,
chemical, power generation and water management industries; the adverse
impact of volatile raw materials prices on our products and operating
margins; our ability to execute and realize the expected financial
benefits from our strategic manufacturing optimization and realignment
initiatives; economic, political and other risks associated with our
international operations, including military actions or trade embargoes
that could affect customer markets, particularly Middle Eastern markets
and global oil and gas producers, and non-compliance with U.S.
export/re-export control, foreign corrupt practice laws, economic
sanctions and import laws and regulations; increased aging and slower
collection of receivables, particularly in
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.