CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for the energy,
aerospace and industrial markets, today announced changes to the
Company's executive leadership team. Effective immediately, Bill
Higgins has stepped down as the Company’s President, Chairman and
Chief Executive Officer in order to pursue other interests.
The CIRCOR Board of Directors has appointed Wayne Robbins,
currently President, CIRCOR Flow Technologies Group, as Executive
Vice President and Chief Operating Officer, and Acting President
and Chief Executive Officer, effective immediately. David Dietz,
who has served on the CIRCOR Board of Directors since 1999 and most
recently as Lead Independent Director, has been appointed Chairman
of the Board.
The CIRCOR Board has initiated a search process and is in the
process of retaining a leading executive search firm to identify a
permanent President and CEO, and is conducting a separate search
process to identify a permanent President of CIRCOR Flow
Technologies Group. The search processes will include a full review
of internal and external candidates. The Company expects to appoint
an Interim President of CIRCOR Flow Technologies Group shortly.
“We are fortunate to have a proven leader of Wayne’s caliber to
serve as Chief Operating Officer of CIRCOR, as well as Acting
President and CEO,” said Mr. Dietz. “Wayne has been a valuable
member of the CIRCOR leadership team for six years, and has
successfully led the growth and margin expansion of our Flow
Technologies Group while also overseeing the turnaround of
Pibiviesse, our control ball valve manufacturer in Italy. Wayne’s
deep understanding of CIRCOR’s business lines and his history with
the Company gives us confidence in his ability to lead CIRCOR as we
conduct our search for a permanent replacement.”
"On behalf of the Board of Directors and everyone at CIRCOR, I
thank Bill for his leadership, commitment and contributions to
CIRCOR over the last seven years. Bill has been an important member
of our team and we wish him all the best in his future endeavors,"
added Mr. Dietz.
“I am honored to have been selected to serve as COO and also to
lead CIRCOR on an interim basis,” said Mr. Robbins. “CIRCOR is
financially strong, and we are committed to improving performance
through our continued focus on Lean principles and operational
excellence. I look forward to working closely with the Board,
management team, and CIRCOR’s 3,000 talented and dedicated
employees and our valued customers around the globe to create new
opportunities, grow revenue and drive margin expansion. CIRCOR is a
unique company with industry leading products and services and
significant prospects for long-term growth, and I am confident that
together we will build an even stronger future for the Company and
enhance value for our shareholders.”
Financial Outlook
CIRCOR today reaffirmed its financial outlook for the fourth
quarter of 2012, before giving effect to any costs associated with
the departure of Mr. Higgins. CIRCOR continues to expect adjusted
earnings for the fourth quarter to be in the range of $0.50 to
$0.62 per diluted share, excluding repositioning charges. CIRCOR’s
guidance for adjusted earnings per share assumes a 30% tax rate on
adjusted earnings. It also assumes that exchange rates remain at
present levels. The Company also noted that revenues for the fourth
quarter of 2012 are expected to be at the low end of the previously
announced range of $203 million to $212 million, due primarily to
softness in the Company’s short cycle energy business.
About Wayne Robbins
Wayne Robbins, 61, joined CIRCOR as Group Vice President—Circor
Instrumentation Technologies in March 2006, and has over thirty
years of experience in the fluid controls industry. On August 1,
2008, Mr. Robbins was elevated to the position of Group Vice
President—Circor Flow Technologies with overall responsibility for
the Circor Instrumentation Technologies and Thermal Fluid Controls
business units. From March 2002 through June 2005, Mr. Robbins was
employed by Precision Castparts Corp. (“PCC”) where he served as
President of PCC’s $350-million Flow Technologies Division until
PCC sold the various companies comprising this division in 2005.
From March 1994 until September 2001, he worked for DeZurik, Inc.,
a $180-million manufacturer of industrial valves, actuators and
instruments, serving first as Vice President Marketing/Research
& Development and then as President. Prior to DeZurik, Mr.
Robbins spent fifteen years in progressively more senior management
positions with Fisher Controls including six years in overseas
assignments.
About David Dietz
Mr. Dietz has served as a member of the Company’s Board of
Directors since its inception in July 1999. Mr. Dietz has been a
partner of the law firm of Goodwin Procter since 1984. Mr. Dietz is
also a director of the Andover Companies, a property and casualty
insurance company, where he is Chairman of the Independent
Directors, and High Liner Foods (USA), Inc., a frozen food
company.
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets
valves and other highly engineered products for the energy,
aerospace and industrial markets. With more than 7,500 customers in
over 100 countries, CIRCOR has a diversified product portfolio with
recognized, market-leading brands. CIRCOR’s culture, built on the
CIRCOR Business System, is defined by the Company’s commitment to
attracting, developing and retaining the best talent and pursuing
continuous improvement in all aspects of its business and
operations. The Company’s strategy includes growing organically by
investing in new, differentiated products; adding value to
component products; and increasing the development of
mission-critical subsystems and solutions. CIRCOR also plans to
leverage its strong balance sheet to acquire strategically
complementary businesses. For more information, visit the Company’s
investor relations web site at http://investors.circor.com.
Use of Non-GAAP Financial Measures
Adjusted net income, adjusted earnings per diluted share,
adjusted operating margin, and free cash flow are non-GAAP
financial measures and are intended to serve as a complement to
results provided in accordance with accounting principles generally
accepted in the United States. CIRCOR believes that such
information provides an additional measurement and consistent
historical comparison of the Company’s performance. A
reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP measures is available in this news
release.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Reliance should not be placed on forward-looking
statements because they involve unknown risks, uncertainties and
other factors, which are, in some cases, beyond the control of
CIRCOR. Any statements in this press release that are not
statements of historical fact are forward-looking statements,
including, but not limited to, those relating to CIRCOR’s future
performance, including fourth-quarter revenue and earnings guidance
and estimated total annualized pre-tax savings from repositioning
actions. Actual events, performance or results could differ
materially from the anticipated events, performance or results
expressed or implied by such forward-looking statements. BEFORE
MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY
ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST
RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS
10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR
WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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