Chief Executive Appointment

RNS Number : 9112A

Rotork PLC

04 January 2018

 

Rotork plc

Chief Executive Appointment

Rotork plc, the market-leading actuator manufacturer and flow control company, today announces the appointment of Kevin Hostetler as Chief Executive. Kevin will join the Board on 12 February 2018 and assume the role of Chief Executive from 12 March 2018. Martin Lamb, currently Executive Chairman, will then revert to his role as Non-Executive Chairman.

Martin Lamb, Executive Chairman of Rotork commented:

"I am delighted that we have secured Kevin Hostetler as our new Chief Executive. Kevin has an impressive track record of delivering profitable growth in a number of highly respected and innovative global engineering businesses, with significant experience in the flow control sector. He adopts leading edge practices and processes honed at Ingersoll Rand, and has delivered transformational growth for shareholders at IDEX Corp, a flow control business with highly engineered products and strong customer service requirements serving similar end markets to Rotork. Kevin has recently concluded a successful exit after leading a three-year turnaround at FDH Velocitel, a private equity backed telecoms business in the US, and will relocate from Chicago to Bath. We look forward to welcoming Kevin to Rotork".

Kevin Hostetler said:

"I am honoured to have been selected to lead one of the world's premier engineering solutions businesses. Rotork has an impressive track record founded on market-leading technologies, strong customer service and excellent people. I am excited by the opportunity to build on those firm foundations and lead Rotork through its next phase of development. I look forward to joining in February and assuming the Chief Executive role in March".

Enquiries:

Rotork plc	Tel:  [phone]
Martin Lamb, Executive Chairman
Jonathan Davis, Finance Director
Sarah Matthews-DeMers, Director of Strategy and Investor Relations
FTI Consulting	Tel:  + 44 (0)20 3727 1340
Nick Hasell / Susanne Yule

Notes:

1.            Kevin Hostetler biography:

Kevin has accomplished significant results in substantial international businesses with a strong technology foundation.

2014-2017     CEO of FDH Velocitel, a private equity backed telecommunications and engineering consulting business in the USA, which Kevin led through a successful turnaround and sale process.

2012-2014     Executive advisor to private equity firms. Roles included CEO of a speciality valve manufacturer and Executive Chairman of an engineered high-pressure vessel company.

2005-2012     Senior executive at IDEX Corporation, a $2.2bn global flow control business supplying pumps and valves, metering and measurement equipment, and instrumentation controls serving end markets including oil & gas, petrochemical, water and waste water, power generation, pharmaceutical processing, and food & beverage processing. In his most senior role at IDEX Kevin led the Fluid and Metering Technologies Segment having accountability for $850m of revenues and over 3000 people globally. He drove growth in the water & wastewater segment taking it from $65m to $225m in two years; and turned the fuels & energy division with ancillary segments into a $250m platform business through a comprehensive transformation programme. Kevin has excellent international experience with leadership of IDEX's Asia and Emerging Markets businesses and has managed, acquired and created best in class manufacturing and shared service operations globally.

1997-2004     Kevin held a number of leadership positions and senior strategic and business development roles at Ingersoll Rand, which is renowned for its world class management systems and business processes. He successfully led a number of business transformation and restructuring programmes, and was heavily engaged in the innovation pipeline, and pioneering e-commerce initiatives deployed in the service and aftermarket business.

Kevin studied Materials Engineering/Polymer Science at Penn State University and completed his undergraduate studies at Kings College, Pennsylvania, graduating with a Bachelors in Corporate Finance. He also has an MBA in International Business from the Stern School of Business at New York University.

2.            As CEO of Rotork, Kevin will receive an annual salary of £600,000 and a pension allowance of 25% of base salary. Kevin will also be eligible to participate in the annual bonus plan up to a maximum of 125% of base salary and the long-term incentive plan up to 150% of base salary. All these remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in April 2017.

3.            No information is required to be disclosed pursuant to Listing Rule 9.6.13 in respect of Kevin Hostetler's appointment as a Director of the Company.

4.            Rotork will be announcing results for the year ending 31 December 2017 on 6 March 2018.

5.            This announcement contains inside information that qualified, or may have qualified, as inside information for the purposes of Article 17 of the Market Abuse Regulation (EU) 596/2014 (MAR). For the purposes of MAR and Article 2 of commission Implementing Regulation (EU) 2016/1055, this announcement is made by Stephen R. Jones, Company Secretary, for Rotork plc.

 

END

 

 

BOAGMGGMGFFGRZZ