Flowserve Announces the Appointment of Lee Eckert as Chief Financial Officer
September 21 2017 - 3:55PM
Business Wire
Experienced financial leader brings strong
background in operational and manufacturing finance
Flowserve Corporation (NYSE:FLS), a leading provider of flow
control products and services for the global infrastructure
markets, announced today that Lee Eckert will join Flowserve as
senior vice president and chief financial officer, effective
October 9, 2017.
Mr. Eckert joins Flowserve from CHC Group LLC., a global
commercial helicopter service provider to the offshore oil and gas
industry, where he served as senior vice president and CFO since
2015.
"I am pleased to welcome Lee to the Flowserve executive
leadership team," said Scott Rowe, Flowserve president and chief
executive officer. "Lee has a strong foundation in operational
and manufacturing finance and accounting, which will lend itself
well to a smooth transition into our global manufacturing
environment. This experience will allow him to have an immediate
impact on improving and driving consistent and sustainable
financial results for Flowserve and our shareholders,” he
added.
Mr. Eckert, 50, has over two decades of financial experience.
Before joining CHC Group LLC, he served as chief financial officer
of the U.S. division of National Grid Plc. In addition, he served
in various executive capacities at MeadWestvaco Corporation,
including as vice president, operations, Healthcare, and chief
financial officer of the Packaging Resource Group. He also served
in senior finance roles at Electronic Data Systems (EDS) and
General Electric (GE).
"As a leading flow management company, Flowserve has tremendous
opportunity and I look forward to contributing to its future
success,” said Lee Eckert. “I know that my previous experience will
serve as a solid foundation for my transition into Flowserve.”
About Flowserve: Flowserve Corp. is one of the world’s
leading providers of fluid motion and control products and
services. Operating in more than 55 countries, the company produces
engineered and industrial pumps, seals and valves as well as a
range of related flow management services. More information about
Flowserve can be obtained by visiting the company’s Web site
at www.flowserve.com.
Safe Harbor Statement: This news release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, which are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995, as
amended. Words or phrases such as "may," "should," "expects,"
"could," "intends," "plans," "anticipates," "estimates,"
"believes," "forecasts," "predicts" or other similar expressions
are intended to identify forward-looking statements, which include,
without limitation, earnings forecasts, statements relating to our
business strategy and statements of expectations, beliefs, future
plans and strategies and anticipated developments concerning our
industry, business, operations and financial performance and
condition.
The forward-looking statements included in this news release are
based on our current expectations, projections, estimates and
assumptions. These statements are only predictions, not guarantees.
Such forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from
what is forecast in such forward-looking statements, and include,
without limitation, the following: a portion of our bookings may
not lead to completed sales, and our ability to convert bookings
into revenues at acceptable profit margins; changes in global
economic conditions and the potential for unexpected cancellations
or delays of customer orders in our reported backlog; our
dependence on our customers’ ability to make required capital
investment and maintenance expenditures; risks associated with cost
overruns on fixed-fee projects and in taking customer orders for
large complex custom engineered products; the substantial
dependence of our sales on the success of the oil and gas,
chemical, power generation and water management industries; the
adverse impact of volatile raw materials prices on our products and
operating margins; our ability to execute and realize the expected
financial benefits from our strategic manufacturing optimization
and realignment initiatives; economic, political and other risks
associated with our international operations, including military
actions or trade embargoes that could affect customer markets,
particularly Middle Eastern markets and global oil and gas
producers, and non-compliance with U.S. export/re-export control,
foreign corrupt practice laws, economic sanctions and import laws
and regulations; increased aging and slower collection of
receivables, particularly in Latin America and other emerging
markets; our exposure to fluctuations in foreign currency exchange
rates, including in hyperinflationary countries such as Venezuela;
our furnishing of products and services to nuclear power plant
facilities and other critical processes; potential adverse
consequences resulting from litigation to which we are a party,
such as litigation involving asbestos-containing material claims; a
foreign government investigation regarding our participation in the
United Nations Oil-for-Food Program; expectations regarding
acquisitions and the integration of acquired businesses; our
ability to anticipate and manage cybersecurity risk, including the
risk of potential business disruptions or financial losses; our
relative geographical profitability and its impact on our
utilization of deferred tax assets, including foreign tax credits;
the potential adverse impact of an impairment in the carrying value
of goodwill or other intangible assets; our dependence upon
third-party suppliers whose failure to perform timely could
adversely affect our business operations; the highly competitive
nature of the markets in which we operate; environmental compliance
costs and liabilities; potential work stoppages and other labor
matters; our inability to protect our intellectual property in the
U.S., as well as in foreign countries; obligations under our
defined benefit pension plans; and other factors described from
time to time in our filings with the Securities and Exchange
Commission.
All forward-looking statements included in this news release are
based on information available to us on the date hereof, and we
assume no obligation to update any forward-looking statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20170921006149/en/
Flowserve CorporationInvestor Contacts:Jay Roueche,
972-443-6560Interim Chief Financial OfficerorMike Mullin,
972-443-6636Director, Investor Relations-Media Contact:Lars Rosene,
972-443-6644Vice President, Corporate & Marketing
Communications
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