CHARLOTTE, N.C., Sept. 14, 2015 /PRNewswire/ -- SPX
Corporation (NYSE: SPW) today announced that its Board of Directors
appointed the following individuals as executive officers of SPX
Corporation to serve contingent on and effective upon completion of
the Company's previously announced spin-off of SPX FLOW, Inc.:
- Gene Lowe – President and Chief
Executive Officer
- Scott Sproule – Vice President,
Chief Financial Officer and Treasurer
- John Nurkin – Vice President,
Secretary and General Counsel
- Tausha White – Vice President
and Chief Human Resources Officer
- Randy Data – President, South
Africa and Global Operations
- John Swann – President,
Weil-McLain, Marley Engineered Products and Radiodetection
Also contingent on and effective upon completion of the
spin-off, the current executive officers will resign from their
roles at SPX Corporation and assume executive officer roles for SPX
FLOW, Inc. These individuals include, among others,
Christopher J. Kearney, Chairman,
President and Chief Executive Officer and Jeremy W. Smeltser, Vice President and Chief
Financial Officer. For more information about the executive
officers and senior management of SPX FLOW, Inc., please see the
most recent Form 10 filing dated September
8, 2015.
Chris Kearney stated, "As we near
completion of the spin-off, we are very pleased to take this next
important step in announcing the future officers of SPX
Corporation. We believe both companies will be led by highly
capable, experienced and well-balanced management teams. We
are grateful for the hard work and dedication of the many talented
people throughout our organization who have helped prepare both
companies for future success following the completion of the
spin-off, which we expect to become effective on September 26, 2015."
Biographies of the New Officers of SPX Corporation, Post
Spin-off
Gene Lowe, President and Chief
Executive Officer, joined SPX in 2008 and has held multiple
strategic leadership positions with the Company. Most
recently, he served as the President of SPX's Thermal Equipment and
Services segment. In addition, he served as the President of
the Global Evaporative Cooling business and as Vice President of
Global Business Development and Marketing for SPX Thermal Equipment
and Services. Prior to joining SPX, Gene held various
leadership positions with Milliken & Company, Bain &
Company, and Lazard Technology Partners.
Scott Sproule, Vice President,
Chief Financial Officer and Treasurer, joined SPX in 2005 and
has held a variety of leadership positions across the corporation.
Most recently, he served as Vice President and CFO of SPX's
Thermal Equipment and Services segment. During his tenure
with the Company, he has been the Vice President and CFO in the
Flow Technology segment, Vice President of Corporate Finance, and
the CFO of SPX's Test and Measurement segment. Prior to
joining SPX, Scott held various roles at PricewaterhouseCoopers,
Corning Incorporated, and Eastman Kodak Company.
John Nurkin, Vice President,
Secretary and General Counsel, joined SPX in 2005 and has
served in a variety of positions, including Segment General Counsel
for the Industrial Products & Services group where he oversaw
legal matters for a wide portfolio of businesses and played an
integral role in numerous acquisitions and divestitures.
Prior to joining SPX, John was a partner at the law firm of
Moore & Van Allen, PLLC where he
focused on mergers & acquisitions and corporate finance.
Tausha White, Vice President
and Chief Human Resources Officer, joined SPX in 2015.
Tausha returned to SPX after serving as the Vice President of Human
Resources for Integrated Network Solutions at Harris
Corporation. Prior to that, she was responsible for the Human
Resources function for SPX's Global Evaporative Cooling
business. From 2006 to 2012, she served in various leadership
positions within United Technologies, where she was actively
involved in the acquisition and integration of several new
businesses. She began her career at Georgia-Pacific
Corporation, spending 12 years in various human resource management
roles.
Randy Data, President, South
Africa and Global Operations, joined SPX in August
2015. Prior to joining SPX, Randy spent 27 years with Babcock
& Wilcox ("B&W"), most recently as the President and Chief
Operating Officer for the Power Generation Group. While at
B&W, he held numerous leadership positions in the global
operations of the steam generating and environmental equipment
businesses, focused on developing strategic initiatives in emerging
markets, partnering with multiple joint-ventures, creating risk
management processes for large complex projects, and driving
internal continuous improvement programs across engineering,
manufacturing, and procurement.
John Swann, President,
Weil-McLain, Marley Engineered Products and Radiodetection,
joined SPX in 2004 and has held various leadership positions.
Since 2013, John has led efforts at Weil McLain and Marley
Engineered Products to formulate and implement channel and product
innovation strategies to drive profitable growth. Previously,
John served as President of SPX Hydraulic Technologies and Vice
President of New Venture Development for SPX. John began his
tenure at SPX in 2004 as Director of Business Development for the
Company's Industrial Products and Services and Test &
Measurement segments. Before joining SPX, he held consulting
positions with both PricewaterhouseCoopers and Andersen Business
Consulting, practicing in the areas of corporate strategy and
mergers & acquisitions.
About the "NEW" SPX Corporation (remaining
company): Based in Charlotte, North Carolina, following the
spinoff of its FLOW business, the "NEW" SPX Corporation will be a
leading supplier of highly engineered HVAC products, detection and
measurement technologies and power equipment. The "NEW" SPX
Corporation is expected to have approximately $2 billion in annual revenues and approximately
6,000 employees worldwide. Following the spinoff of its FLOW
business, SPX Corporation will be listed on the New York Stock
Exchange under a new ticker symbol, "SPXC". For more
information, please visit www.spx.com.
About SPX FLOW, Inc. (spinoff company):
Based in Charlotte, North
Carolina, SPX FLOW, Inc. is a leading global supplier of
highly engineered flow components, process equipment and turn-key
systems, along with the related aftermarket parts and services,
into the food and beverage, power and energy and industrial end
markets. SPX FLOW, Inc. is expected to have approximately
$2.5 billion in annual revenues and
approximately 8,000 employees with operations in over 35 countries
and sales in over 150 countries around the world. Following
the spinoff, SPX FLOW, Inc. will be listed on the New York Stock
Exchange under the ticker symbol "FLOW". For more
information and the most recent Form 10 filing, please visit
www.spx.com.
Certain statements in this press release are forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. Please read this press release in
conjunction with the company's documents filed with the Securities
and Exchange Commission, including the company's annual reports on
Form 10-K, and any amendments thereto, and quarterly reports on
Form 10-Q. These filings identify important risk factors and other
uncertainties that could cause actual results to differ from those
contained in the forward-looking statements. Actual results may
differ materially from these statements. The words "believe",
"expect," "anticipate," "project" and similar expressions identify
forward-looking statements. Although the company believes that the
expectations reflected in its forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Statements in this press release speak
only as of the date of this press release, and SPX disclaims any
responsibility to update or revise such statements.
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SOURCE SPX Corporation