ST. PAUL, Minn., Mar 7, 2002 /PRNewswire-FirstCall via COMTEX/ -- Pentair
(NYSE: PNR) announced today that Winslow H. Buxton will retire as chairman of
Pentair's board of directors effective April 30, 2002. President and chief
executive officer, Randall J. Hogan, will succeed Buxton as chairman.
Buxton has been chairman of Pentair's board of directors since 1993, and has led
the company's annual sales growth from approximately $1.3 billion that year to
nearly $3 billion in 2001. His accomplishments include Pentair's strategic
withdrawal from the paper industry in 1995 and the ammunition industry in 1997,
and a subsequent refocusing of the Company on its tools, enclosures, and
water-related businesses. Buxton also led Pentair in 16 acquisitions, including
the two largest in the company's history, both completed in 1999. Pentair's
common stock has split twice since Buxton became CEO in 1992, while the market
value of the stock increased from about $500 million that year to more than $2
billion today.
"Randy's promotion to chairman is the final step in a leadership transition
process initiated as I began my retirement planning," Buxton said. "The Board
and I are confident that the accomplishments of the last decade will prove a
strong and stable platform for the company. Randy has proven a very capable
executive and clearly has the skills and determination needed to direct
Pentair's future and deliver improved returns to Pentair shareholders."
Hogan joined Pentair in March 1998 as president of the company's Enclosures
Group. He was named president and chief operating officer on December 1, 1999,
and was promoted to president and CEO on January 1, 2001. Prior to joining
Pentair, Hogan 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 & Company. Hogan is a Civil Engineering graduate of the
Massachusetts Institute of Technology with an MBA degree from the University of
Texas at Austin.
Pentair is a St. Paul-based manufacturer whose core businesses compete in Tools,
Water Technologies, and Enclosures markets. The company employs 11,500 people in
more than 50 locations around the world.
SOURCE Pentair, Inc.
CONTACT: Mark Cain of Pentair, Inc., +1-651-639-5278