CEO Transition at Flowserve

05.04.2005

Flowserve Corp. said its board of directors and C. Scott Greer have jointly agreed to accelerate the company's previously announced CEO transition. Greer resigned as chairman, president, CEO and director of Flowserve, effective immediately, but will ...

... remain employed with the company in a consulting role through June 30, 2005, to help insure a smooth transition.

Kevin E. Sheehan, a director and most recently chairman of the board's Corporate Governance and Nominating Committee, was named interim chairman, president and CEO. He will assume Greer's former responsibilities until a permanent successor is appointed, in accordance with the board's transition plan. The company said the process for recruiting a permanent CEO is well underway, though no timetable has been set to name a successor.

"With Flowserve's business operations running smoothly, and given the progress already made in transition planning, the board and Scott mutually felt that now was the right time to begin my service as interim CEO," Sheehan said. "The board of directors greatly appreciates Scott's efforts, leadership and success in transforming Flowserve into a global leader for flow control products and services. It has the utmost confidence in the management team's continuing abilities to profitably grow Flowserve's business. The board's outlook for Flowserve remains decidedly upbeat and optimistic as we continue to build on the foundation that Scott has helped put in place. We wish Scott the very best in his future endeavors."

Sheehan, 59, has been a director of Flowserve, and one of its predecessor companies, since 1990. He is a partner in CID Equity Partners in Indianapolis, which he joined in 1994 after more than 22 years in senior level management and executive positions with Cummins Engine Co. Inc. He holds a bachelor's degree from Williams College and a master's degree from Harvard Business School.

The company announced on Feb. 7, 2005, that its board and Greer had jointly agreed not to renew Greer's contract with the company when it expires on June 30, 2005.

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