Pentair Chief Financial Officer’s Intent to Retire

10.04.2006

Pentair announced that its Executive Vice President and Chief Financial Officer (CFO), David D. Harrison, has informed the Company of his intent to retire by the end of 2006. Consequently, Pentair has begun the process to identify Harrison's successor. To help ensure a seamless transition,...

... Harrison will remain with Pentair until his successor is named.

"Pentair is extremely fortunate to have had Dave's leadership throughout one of the most productive periods in the company's history," said Randall J. Hogan, chairman and chief executive officer. "He has been vital to the establishment of Pentair's cash flow and return on invested capital disciplines, contributing meaningfully to the company's expanding margins and the tripling of Pentair's stock price over the past five years.

"In addition, Dave played a pivotal role in the transformation of Pentair to a water-led company. I am grateful for Dave's partnership during my first five years as chief executive," Hogan added.

Harrison first joined Pentair in 1994 as senior vice president and CFO, and was named executive vice president and CFO in 1995. He left the Company in 1996 to serve as executive vice president and CFO of Coltec Industries and, later held the same position with The Scotts Company. He returned to Pentair in 2000 as executive vice president and CFO. Prior to joining Pentair, Harrison worked for Borg-Warner Chemicals and several units of General Electric.

"It has been a great pleasure for me to have worked with Pentair, a vibrant, growing organization," Harrison said. "I consider my years on the Company's leadership team among the best in my forty-one year accounting and finance career."

Source: Pentair plc.

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