Pentair Promotes Cathcart to Vice Chairman
Pentair Chairman and Chief Executive Officer Randall J. Hogan and the Pentair board of directors today announced the appointment of Richard J. Cathcart as vice chairman of Pentair, effective immediately.
Cathcart was president and chief operating office of Pentair's Water Group, a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. He will retain responsibility for the Water Group.
Cathcart's new responsibility is to lead Pentair's growth initiatives with principal focus on international and business development. Noting the importance of the new role, Hogan said, "Pentair successfully completed a remarkable transition in 2004 to focus on two attractive businesses -- water and enclosures -- that are global in nature. Pentair's vital next steps toward a high-growth, world-leading company are to develop new growth platforms and to seize opportunities in markets beyond North America. In addition, we remain an acquisitive organization. As vice chairman, Rick will join me in driving these essential efforts."
According to Cathcart, Pentair is focused in businesses that present significant growth opportunities and he will target them. "For example," he said, "one area of opportunity upon which we will focus is international sales. Today, our international sales are 23% of total sales. Through more concentrated efforts on new products, new markets and better penetration, we will increase that percentage to 40% over the next five years."
Cathcart added, "We must and we will realize Pentair's potential for growth. We will do so with the discipline and integrity with which we conduct business today. I am proud to accept this new role and excited to work with Randy and the senior leadership team to drive Pentair's next phase of growth."
"Rick is the right person for this mission," said Hogan. "He has proven his abilities to identify and power growth as he successfully led Pentair Water from a start-up in 1995 to a $2 billion global leader in 2004. In that time, he also demonstrated his strong leadership, sharp intellect and integrity. I have the highest regard for his capabilities and am pleased Rick has accepted this new challenge."
Citing the company's impressive fourth quarter and 2004 results, detailed in a separate announcement issued today, Hogan stated, "Pentair enters 2005 from a position of great strength. Our strategic repositioning -- coupled with double-digit growth and increased margins driven by good execution in our operating initiatives -- delivered total shareholder return of more than 90 percent in 2004. We will leverage our momentum and seize attractive new opportunities to strengthen shareholder value in 2005 and beyond."
Cathcart joined Pentair in 1995 as executive vice president for business development, and was named president and chief operating officer of the Water Group in 1996. Prior to Pentair, Cathcart was the vice president and general manager of Honeywell's Building Control division, a $1.6 billion global business. Before that, he held progressively significant leadership roles at Honeywell, including head of logistics and head of research and development for new technologies for the company's Industrial division.
Cathcart holds a bachelor's degree in engineering science from the United States Air Force Academy in Colorado Springs, Colorado. During the Vietnam War, he flew more than 200 combat missions as a United States Air Force flight commander and served as an instructor pilot.
Pentair, Inc. (NYSE: PNR) is a diversified operating company headquartered in Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Enclosures Group is a leader in the global enclosures market, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components. With 2004 revenues of $2.28 billion, or $2.76 billion on a pro forma basis, Pentair has approximately 13,000 employees worldwide.
Source: Pentair plc.