IDEX Corporation Announces New Management Team Structure
NORTHBROOK, Ill., IDEX Corporation (NYSE: IEX), a leading manufacturer of proprietary engineered industrial products, announced a realignment in the management structure and the responsibilities of several of its senior executives, allowing it to more efficiently and effectively pursue profitable growth opportunities and margin enhancing initiatives. The new management structure will become effective October 1.
Leading The Organization And Driving Change
Dennis K. Williams, chairman, president and chief executive officer since May 1, made the announcement. "Five goals are driving these changes," he explained.
1. "We want to flatten IDEX's management structure -- reducing the number of layers in the organization, which will enhance the speed of decision making and execution.
2. "We want to align the business units so those with similar products, customers, markets or distribution are reporting under the leadership of a single group executive, enabling us to realize synergies.
3. "Our three group executives will no longer run an individual company or head another corporate function. This will allow them to devote all of their time to profitably growing their group of businesses.
4. "We want our new company-wide profitable growth and margin enhancing initiatives to have a champion. This led us to create a new position -- vice president of operational excellence -- to drive these important efforts, which include Six Sigma, global sourcing, external benchmarking of world-class companies, and the rapid deployment of best practices across the company.
5. "The final goal of this new structure is to provide the clear focus and leadership on IDEX's important corporate-wide initiatives for e-business, distributor relationships and service growth.
"All of these leaders in the new structure will report directly to me, as do the heads of the finance, business development, human resources and legal departments. I'm very pleased to say that all of these positions were filled internally, which indicates the depth of IDEX's management team and the confidence I have in their leadership capabilities," Williams added.
- Rodney L. Usher, 55, was appointed vice president-group executive for pump businesses. He now will be responsible for the Corken, Micropump, Pulsafeeder, Viking Pump and Warren Rupp business units. These pump companies serve a diverse marketplace and, in many cases, share similar distribution and customers, which will enable IDEX to better leverage sales and product development resources. Usher had served as vice president-group executive and president of Pulsafeeder. He joined IDEX at Warren Rupp in 1981, where he was its president. The vacancy in the president's position at Pulsafeeder will be filled by Andrew W. Molodetz, 44, formerly the executive vice president of that business unit.
- David T. Windmuller, 42, was appointed vice president-group executive of IDEX's industrial product businesses: Band-It, Gast Manufacturing and Hale Products. Windmuller has been serving as vice president of operations for IDEX since 1998. He joined the company in 1981 and previously served as president of Viking Pump and president of Fluid Management.
- James R. Fluharty, 56, was appointed vice president-group executive in charge of IDEX's dispensing equipment businesses, which include FAST, Fluid Management and Lubriquip. Before taking on this new assignment, Fluharty served as a vice president-group executive and vice president of corporate marketing. He joined IDEX in 1995 and previously served as president of Micropump and president of Fluid Management.
- John L. McMurray, 49, was appointed vice president of operational excellence. He will be responsible for company-wide implementation of IDEX's growth and margin initiatives. McMurray was a vice president-group executive in addition to being president of Viking Pump. He joined Viking in 1994. The vacancy in Viking Pump's presidency will be filled by Glen C. Springer, 58, who has been this unit's executive vice president. Under the new management structure, Robert K. Brinley, 45, will become director of e-business, and Jerry L. Owen, 52, will become director of distributor relationships and service. Brinley joined Warren Rupp in 1990 as vice president of marketing before serving most recently as IDEX's director of corporate sales. Owen was the company's director of emerging markets and joined IDEX earlier this year.
Record Year Expected
"We continue to expect that IDEX will set new records in orders, sales and earnings per share in 2000. We also believe this new management structure, combined with our new growth and margin initiatives and our active acquisition strategy, will allow us to sustain double-digit top- and bottom-line growth rates," Williams concluded.
IDEX Corporation is a manufacturer of proprietary pump products,
dispensing equipment and other engineered products with leading positions in niche markets. Its products are sold to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol IEX.
All comments relating to any future period are forward-looking statements, subject to uncertainties and risks that could cause actual results to vary materially from what is suggested here. These uncertainties and risks include but are not limited to the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, pricing pressures and other competitive factors, and levels of capital spending in certain industries -- all of which could have a material impact on order rates
and the company's results, particularly in light of the low levels of order backlogs IDEX typically maintains; IDEX's ability to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies, and its impact on pricing and cost competitiveness; interest rates; utilization of IDEX's capacity and the effect of capacity utilization on costs; labor market conditions and raw material costs; and developments with respect to contingencies, such as environmental matters and litigation. IDEX does not undertake any obligation to update any forward-
Source: IDEX Corporation