SCHAFFHAUSEN, Switzerland - October 14, 2013 - Pentair Ltd. (NYSE: PNR) announced today that Michael Schrock, President and Chief Operating Officer, has informed the company of his intent to leave employment and retire effective December 31, 2013.
"Mike has made a significant contribution to Pentair and his service is deeply appreciated," said Randall J. Hogan, Pentair Chairman and CEO. "He has been a key leader through the development of the company over the last 15 years."
"I am proud of what we have accomplished during my tenure at Pentair and it has been a privilege to have worked with such a talented organization," said Schrock. "With the one year anniversary of the Tyco Flow Control merger, it is the right time to make this transition."
Schrock, 60, joined Pentair in 1998, became President of Pentair's Pump Group, and went on to lead three additional Pentair businesses. In 2001 he was named President and COO of Pentair's Enclosure Segment and in 2006 he was named President and Chief Operating Officer of Pentair. Prior to Pentair, he had a 21 year career at Honeywell.
"Pentair is fortunate to have had Mike's leadership as we built a global company with leading operations and a strong growth roadmap," added Hogan.
Following Mike's departure, the position of President and COO will not be replaced.
About Pentair Ltd.
Pentair (www.pentair.com) delivers industry-leading products, services, and solutions for its customers' diverse needs in water and other fluids, thermal management, and equipment protection. With 2012 pro forma revenues of approximately $8 billion, Pentair employs more than 30,000 people worldwide.
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Pentair Contacts:
Rebecca Osborn
Senior Manager, External Communications
Tel.: 763-656-5589
Email: rebecca.osborn@pentair.com
Jim Lucas
Vice President, Investor Relations
Tel.: 763-656-5575
E-mail: jim.lucas@pentair.com
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