Xylem Inc. announced that Patrick K. Decker has been named President and Chief Executive Officer, and will be appointed a member of the Board of Directors on March 17.
He joins the company from Harsco Corporation, where he has been President and CEO. At Xylem, Mr. Decker succeeds Steven R. Loranger who will remain a member of the Xylem Board. Mr. Loranger was Chairman, President and CEO of ITT Corporation when it spun its water businesses off as Xylem in October 2011.
“The Board of Directors selected Patrick because of his leadership qualities, proven track record leading large global businesses, and extensive knowledge of the water industry,” said Markos I. Tambakeras, Chairman of the Board of Directors of Xylem Inc. “Patrick understands the economic and social implications surrounding water, and sees potential in Xylem’s unique portfolio of technology and services to solve the world’s toughest water challenges. Along with the Board of Directors, he is committed to a smooth transition, maintaining the strategic direction of Xylem, improving operational efficiencies and growing the business to maximize shareholder return.”
Mr. Tambakeras continued, “We have benefitted greatly from Steve Loranger’s leadership since he assumed this transitional CEO assignment in September. He moved quickly to improve Xylem’s cost structure, stabilize financial performance and reinforce pride and confidence in the business. While we recognize there’s more work to do, Steve established a solid foundation for continued growth under Patrick’s leadership. On behalf of the entire Board, I want to thank Steve for his dedication and his many contributions.”
“I am energized to be back in the water industry with Xylem’s strong team, unmatched portfolio and global footprint,” said Mr. Decker. “Xylem is well positioned to build in both growth and efficiency dimensions, and with the support of the leadership team we will maintain our trajectory.”
Xylem reaffirms the full-year 2014 outlook outlined February 4, 2014. Xylem’s full-year revenues will be approximately $4 billion, and adjusted net income will be in the $345 million to $370 million range, or $1.85 to $2.00 adjusted earnings per share. Xylem expects 2014 restructuring and realignment costs to be $40 million to $50 million.
About Patrick Decker
Mr. Decker, 49, has been president and CEO of Harsco Corporation, a global industrial services company, since 2012. At Harsco he has been successful in establishing company-wide programs focused on business simplification, Lean Six Sigma continuous improvement, talent development, innovation and safety. Prior to that, he served in a number of leadership roles at Tyco International’s Flow Control business, ultimately serving as President of Tyco Flow Control, a $4 billion leader in industrial flow control solutions where he was able to grow revenue significantly in the emerging markets, execute the company’s largest acquisitions in Brazil and the Middle East, and champion a three-year philanthropic commitment to clean water access. In addition, he led the effort that resulted in the separation of the Flow Control business from the parent company.
Earlier in his career, he served at Bristol-Myers Squibb Company in a number of operational finance roles. Mr. Decker started his career as an auditor for Price Waterhouse LLP, now PricewaterhouseCoopers, LLP. He earned a Bachelor of Science degree in accounting and finance from Indiana University, Bloomington, Indiana.