Flowserve CEO Greer to Step Down Effective June 30

09.02.2005

Flowserve Corp. announced that Chairman, President and Chief Executive Officer C. Scott Greer and the company's board of directors have jointly agreed that Greer will not renew his contract with the company when it expires on June 30, 2005. Greer will assist the board during the transition to a new chief executive officer.

Greer, 54, who joined Flowserve on July 1, 1999, as president and chief operating officer, is leaving to pursue other business interests. "I'm pleased with how far we have come in my years with Flowserve," Greer said. "We significantly strengthened Flowserve's market positions with the acquisitions of Ingersoll-Dresser Pump Co. and Invensys Flow Control.

"Internally, we have institutionalized our Continuous Improvement Process to drive operational excellence throughout our organization. We've made significant progress implementing our corporate-wide end-user strategy, which is focused on customers' expectations of service providers who can deliver technical assistance, fast and on-time delivery, and on-site field repair. Lastly, we have reinforced our core values of commitment, confidence, character, competence, creativity and collaboration, reflecting our customer-centric culture.

"It is a good time to transition to new leadership," Greer said. "We have weathered some difficult worldwide economic times, while achieving significant growth. We have an excellent management team in place, and I have tremendous respect for our dedicated and talented employees. I'm optimistic about 2005, given improving global business conditions and Flowserve's continued strong bookings and backlog."

Kevin E. Sheehan, chairman of the Corporate Governance and Nominating Committee of the Flowserve board, will assume Greer's leadership responsibilities on an interim basis, if a successor is not appointed by June 30, 2005.

"Scott Greer has taken Flowserve from its early formation through two significant acquisitions to greatly grow our market presence, while improving financial performance and shareholder value," Sheehan said. "The company is in solid financial condition, while many of our markets appear to be strengthening as we go into 2005. We thank Scott for his leadership and vision."

William C. Rusnack, a director of the Flowserve board and member of the Audit Committee, will chair the board's Transition Committee to identify and select a highly qualified replacement for Greer. Rusnack said the board expects to appoint a non-executive chairman from its current board of directors and to begin a nationwide search for a new president and chief executive officer.

Sheehan, 59, has been a director of Flowserve, and one of its predecessor companies, since 1990. He is a partner of CID Equity Partners, Indianapolis, Ind., which he joined in 1994 after more than 22 years in senior level management and executive positions with Cummins Engine Co. Inc.

Sheehan is also a director of four CID portfolio companies: Hetsco, One Call Communications, SPS Commerce and LDMI. He is a past director of Auburn Foundry Group and Maxon Corp., Muncie, Ind. Sheehan holds a bachelors degree from Williams College and an MBA from Harvard Business School.

Rusnack, 60, a director of Flowserve since 1997 and one of its predecessor companies since 1993, is former president, chief executive officer, chief operating officer and director of Premcor Inc., a company that refines crude oil to manufacture petroleum products. He served in those roles from 1998 to 2002. Prior to that, he was associated with Atlantic Richfield Co. for 31 years in a variety of senior executive roles.

Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.

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