Michael V. Schrock Named President and Chief Operating Officer for Pentair
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GOLDEN VALLEY, Minn., Sep 26, (2006): Pentair (NYSE:PNR) today announced it has created a new leadership structure, and appointed Michael V. Schrock to the newly created role of president and chief operating officer for Pentair, effective immediately. Schrock, 53, will report to the Company's chairman and chief executive officer, Randall J. Hogan.
"This new structure streamlines our leadership communication channels and provides for broader coordination of operations with more direct cost controls across the Company, which is critical as we face shifting market conditions," said Hogan.
Under the new structure, Schrock will accelerate the implementation of Pentair's operating disciplines, including lean enterprise, aimed at driving improved margins and organic growth. Schrock will also assume responsibility for all of Pentair's operating segments: he will continue to lead the Technical Products group, which he has led since October of 2001, and the Company's Filtration business, which he has been responsible for since October of 2005, while gaining responsibility for the remaining Water businesses.
Pentair Vice Chairman Richard J. Cathcart will continue to be responsible for global growth, strategy and acquisitions for the Company.
The new structure eliminates the position of president and chief operating officer of the Pump and the Pool & Spa businesses, a position held by Charles M. Brown since April 2005. Brown has left Pentair to pursue other opportunities.
Commenting on Schrock, Hogan said, "I am pleased Mike has accepted this new role. He has earned it by setting - and achieving - a high standard of performance as the leader of the Technical Products Group. His leadership and effective deployment of Pentair's Integrated Management System is reflected in the strong performance of that Group, and in this new role, he will bring the same disciplined approach to the Water Group to help drive margin improvement and growth."
According to Schrock, "The opportunity to work more closely with the Water Group to meet Pentair's immediate goals and improve our operations for future success is exciting. We face some immediate challenges and great opportunities, and I am energized by this new role."
Schrock joined Pentair in March 1998 as president of Pentair's Pump business, and was named president of the Pump and the Pool & Spa businesses in 2000. Following a succession of increasingly responsible positions in the Water Group, Schrock was named president and chief operating officer of Pentair's Technical Products Group in 2001. Today, Technical Products is a leading world-wide manufacturer of technologically advanced systems to house and protect sophisticated electrical and electronic devices.
In addition to the Technical Products business, Schrock assumed responsibility for Pentair's Filtration business on October 1, 2005. Pentair's Filtration business manufactures a wide range of products that clean and purify water for residential, commercial, industrial, and municipal applications.
Prior to joining Pentair, Schrock spent 21 years with Honeywell in senior management positions covering North America as well as the European, Africa and Middle East regions. He holds a Bachelor of Science degree from Bradley University, and a Master's Degree in Business Management from Northwestern University Kellogg School. He currently serves on the boards of Plexus Corporation and of the Minnesota Chapter of the Multiple Sclerosis Society.
In a separate news release, Pentair today announced revisions to its guidance for third quarter 2006 and fourth quarter 2006 earnings per share. The Company will announce its third quarter financial results for 2006 on Tuesday, October 24, 2006.
About Pentair, Inc.
Pentair, Inc. (NYSE:PNR) is a diversified operating company headquartered in Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Technical Products Group is a leader in global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that house and protect sensitive electronics and electrical components. With 2005 revenues of $2.95 billion, Pentair employs approximately 15,000 people worldwide.
SOURCE: Pentair
Pentair
Rachael Jarosh, 763-656-5280
rachael.jarosh@pentair.com
or
Mark Cain, 763-656-5278 (Investor Relations)
mark.cain@pentair.com
