George Sherman to Retire as Non-Executive Chairman of Rexnord Corporation; Paul Jones Named as Non-Executive Chairman
By Business Wire News
By Business Wire News
Rexnord Corporation (NYSE: RXN) today announced that Non-Executive Chairman George M. Sherman has decided to retire following the Company’s Annual Meeting of Stockholders in July 2015. The Board of Directors has elected Paul W. Jones as Non-Executive Chairman effective upon Mr. Sherman’s retirement.
Mr. Sherman commented, “I am confident that Rexnord is well positioned for success and as I worked with Paul Jones during the transition, where we jointly reviewed strategy, organization/management development and budget, it became clear to me that he will provide outstanding leadership and support to the management team and the Board as we continue to focus on shareholder value creation. I’ve been fortunate to spend the past twelve years working with Todd Adams and the management team to develop the Rexnord Business System into the sustainable competitive advantage it is today. I look forward to participating in Rexnord’s continued success as a significant long-term shareholder.”
Todd A. Adams, Rexnord’s President and Chief Executive Officer, stated, “Our Board, Rexnord and I have been incredibly fortunate to have had the mentorship and vision that George has provided over the past twelve years. I can’t thank George enough for all he’s done for Rexnord and everything I’ve learned from him over the years. We are in the very fortunate position to be able to transition the Non-Executive Chairman role to Paul. His experience, strategic perspective and track record are a great fit for Rexnord and I look forward to working with him to continue to create shareholder value.”
Mr. Sherman joined the Company’s Board of Directors as the Non-Executive Chairman in 2002. In addition to his service with Rexnord, Mr. Sherman has served as the president and chief executive officer of Danaher Corporation and as the chairman of Campbell Soup Company.
Mr. Jones has been a director of the Company since 2014 and he currently serves on the Compensation Committee and the Nominating and Corporate Governance Committee of the Board. He has previously served as the chairman, chief executive officer and president of A.O. Smith Corporation, as chairman and chief executive officer of U.S. Can Company, Inc. and as president and chief executive officer of Greenfield Industries, Inc.
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 8,000 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. Additional information about the Company can be found at www.rexnord.com.
Cautionary Statement on Forward-Looking Statements
Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Rexnord Corporation as of the date of the release, and Rexnord Corporation assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements” in the Company’s Form 10-K for the fiscal year ended March 31, 2015 as well as the Company’s annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with the business.
Rob McCarthy, 414-643-3739
Vice President – Investor Relations