Frank
Dellaquila to retire after 32-year tenure at Emerson
Baughman brings more than 35 years of
financial and operational experience to CFO role
ST.
LOUIS, May 3, 2023 /PRNewswire/ -- Emerson (NYSE:
EMR) today announced that Mike
Baughman, vice president, controller and chief accounting
officer, has been promoted to executive vice president and chief
financial officer, effective May 10.
He succeeds Frank Dellaquila, who
will be retiring after 32 years with the company. To ensure a
seamless transition, Dellaquila will serve as senior advisor to the
CEO through Emerson's fiscal year end. Baughman will continue to
serve as chief accounting officer for the company.
Since joining Emerson in October
2017, Baughman has been a key member of Emerson's finance
organization and has worked closely with the leadership team on the
company's recent portfolio transformation. He brings more than 35
years of financial and operational experience to the role,
including a 14-year tenure at Baxter International Inc., where he
held roles of increasing responsibility including controller, vice
president of finance – Medical Products, and vice president of
finance – Operations, Quality and R&D. Baughman began his
career in public accounting as a CPA and spent 16 years at PwC,
including five years as a partner, where he assisted corporate and
private equity clients with buy-side and sell-side diligence, as
well as acquisition integration. Baughman earned a bachelor's
degree in business administration from the University of
Michigan.
"We are excited to continue to benefit from Mike's financial and
operational expertise as our next CFO," said Lal Karsanbhai,
president and chief executive officer of Emerson. "Mike has played
a key role in our recent transactions and has extensive knowledge
of our business and strategy. I look forward to working closely
with Mike as we focus on execution and integration following our
recent acquisitions and realize the benefits of our cohesive,
high-growth and high-margin automation portfolio."
"I am honored to have the opportunity to lead Emerson's finance
team. I have worked closely with Lal, Frank and the leadership team
over the past several years and am excited to step into this role
as we build on Emerson's strong execution capabilities to deliver
the synergies from our recent transactions," Baughman said. "I look
forward to leveraging my experience and knowledge of the Emerson
businesses as we execute our strategy to deliver profitable growth
and value creation for Emerson shareholders."
"On behalf of the Board and management team, I want to thank
Frank for his many contributions over his 32-year tenure with
Emerson," continued Karsanbhai. "Since becoming CFO in 2009, Frank
has been an integral member of our team, helping Emerson
successfully navigate the global financial crisis and COVID-19,
driving financial performance across our businesses, and
positioning Emerson to leverage its strong balance sheet to deliver
on our portfolio transformation over the last 18 months. Frank has
been a trusted advisor to me and the broader leadership team, and
we appreciate all that he has done to build Emerson into the great
company that it is today. Frank's planned retirement caps a
remarkable career at Emerson and we wish him the best."
"It has been a privilege to work alongside the most dedicated
and talented team in the business, and I am proud of all that we
have achieved," Dellaquila said. "We have largely completed the
strategic transformation we set out to accomplish, and I believe
now is the right time for this transition as the team directs its
focus to execution. I have worked closely with Mike over the past
five years, and I am confident that he will be a great leader for
our finance organization. I look forward to Emerson's continued
success with this exceptional management team at the helm."
About Emerson
Emerson (NYSE: EMR) is a global technology and software company
providing innovative solutions for the world's essential
industries. Through its leading automation portfolio, including its
majority stake in AspenTech, Emerson helps hybrid, process and
discrete manufacturers optimize operations, protect personnel,
reduce emissions and achieve their sustainability goals. For more
information, visit Emerson.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly
historical may be "forward-looking" statements, which involve risks
and uncertainties, and Emerson undertakes no obligation to update
any such statements to reflect later developments. These risks and
uncertainties include the Company's ability to successfully
complete on the terms and conditions contemplated, and the
financial impact of, the proposed Climate Technologies transaction
and the proposed National Instruments transaction, the scope,
duration and ultimate impacts of the COVID-19 pandemic and the
Russia-Ukraine conflict, as well as economic and
currency conditions, market demand, including related to the
pandemic and oil and gas price declines and volatility, pricing,
protection of intellectual property, cybersecurity, tariffs,
competitive and technological factors, inflation, among others, as
set forth in the Company's most recent Annual Report on Form 10-K
and subsequent reports filed with the SEC. The outlook contained
herein represents the Company's expectation for its consolidated
results, other than as noted herein.
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SOURCE Emerson