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Winslow H. Buxton Retires as Pentair CEO, Remains Chairman; Randall J. Hogan Appointed CEO Effective January 1, 2001

November 1, 2000

MINNEAPOLIS, Nov. 1 /PRNewswire/ -- Pentair (NYSE: PNR) announced today that Randall J. Hogan, the 45-year-old president and chief operating officer (COO) who was recruited to the company after successful executive careers at McKinsey & Company, General Electric, and United Technologies Corporation, will succeed Winslow H. Buxton as chief executive officer (CEO), effective January 1, 2001. Buxton, 61, will remain as chairman. Hogan will retain the title of president.

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Buxton has been CEO since 1992, and has led Pentair's annual sales growth from approximately $800 million to nearly $3 billion, and there has been a fourfold increase in earnings. Under Buxton's leadership, Pentair has recorded average annual growth of 21 percent in operating income, 24 percent in earnings per share, and more than 16 percent in revenues. Buxton's accomplishments have included Pentair's strategic withdrawal from the paper industry in 1995 and the ammunition industry in 1997. Since 1992, he led the company in 16 acquisitions, including the two largest in the company's history, both completed in 1999.

"Pentair has a long history of management continuity, with each CEO selected by the board to effectively meet the challenges of the day and lead the company onto the next plateau of growth, profitability, and increased shareholder value," Buxton said. "Randy has demonstrated the technological savvy, leadership skills, intelligence, creativity, and determination needed to direct Pentair's fortunes as it steadily evolves into a new economy company, one with a global focus on achieving a higher systems and technology content of its electronic packaging and water purification lines, plus an increasing emphasis on its e-business capabilities."

Prior to joining Pentair in March 1998, as an executive vice president and president of the company's enclosures group, Hogan had more than 20 years of experience in strategy development and implementation, operations management, financial management, global market growth, acquisitions, and marketing.

He served as an executive at both United Technologies' Carrier and Pratt & Whitney divisions, at General Electric's electrical distribution and controls, power generation, and industrial and power systems divisions, and as a consultant with McKinsey. Hogan is a Civil Engineering graduate of the Massachusetts Institute of Technology with an MBA degree from the University of Texas.

"Hogan's promotion to CEO is the latest step in a leadership transition process that the board of directors initiated more than a year ago as I approached my planned retirement date," Buxton said. "Randy's outstanding management talent was a paramount reason we recruited him to the company less than three years ago, and his skills were reflected by his promotion to president and COO on December 1, 1999. It is appropriate that his well-deserved elevation to CEO starts at the beginning of 2001, which enables him to have full responsibility for the company's operations from the first day of the new year. He will become only the fourth CEO in Pentair's 34-year history."

Buxton said he and Hogan will work closely together in a transitional management approach for the balance of 2000, focusing on accelerating the impressive growth of the company's technology-driven water and enclosures businesses, evaluating strategic acquisitions, and improving the performance of the tools and equipment businesses. Buxton will remain as chairman of the board until the company's annual meeting in April of 2002, at which time he will retire and his successor selected by the board.

Since joining Pentair, Hogan has been instrumental in the turnaround of the company's enclosures business, where he strengthened the core industrial base while simultaneously increasing emphasis on the fast-growing electronics market. He also resolved a challenging operating situation in Europe, and was a leading participant in several strategic acquisitions to increase the group's focus on marketing to global manufacturers of electronic systems.

"Under Randy Hogan's leadership, the enclosures group has become a vibrantly growing business that is delivering excellent operating results," Buxton said. "Since becoming president and COO, he has been working with the management team of our water group, which also is delivering outstanding results, and he has been actively involved in the development of the company's extensive new e-business initiatives. The water and enclosures businesses, both operating in strong markets and occupying exceptional positions in those markets, have grown dramatically and now represent more than 60 percent of the company's revenues."

Pentair ( ) is a diversified manufacturer operating in four principal markets: tools, equipment, water and enclosures. The company employs 14,000 people in more than 50 locations around the world.

Any statements made about the company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as those described in the company's Annual Report on Form 10K for the year ended December 31, 1999. Actual results could differ materially from anticipated results.

For more information contact Mark Cain of Pentair, Inc., 612-486-2761. SOURCE Pentair, Inc.

CONTACT: Mark Cain of Pentair, Inc., 612-486-2761/