GOLDEN VALLEY, Minn.--(BUSINESS WIRE)--April 5, 2006--Pentair,
Inc. (NYSE:PNR) today announced that its Executive Vice President and
Chief Financial Officer (CFO), David D. Harrison, has informed the
Company of his intent to retire by the end of 2006. Consequently,
Pentair has begun the process to identify Harrison's successor. To
help ensure a seamless transition, Harrison will remain with Pentair
until his successor is named.
"Pentair is extremely fortunate to have had Dave's leadership
throughout one of the most productive periods in the company's
history," said Randall J. Hogan, chairman and chief executive officer.
"He has been vital to the establishment of Pentair's cash flow and
return on invested capital disciplines, contributing meaningfully to
the company's expanding margins and the tripling of Pentair's stock
price over the past five years.
"In addition, Dave played a pivotal role in the transformation of
Pentair to a water-led company. I am grateful for Dave's partnership
during my first five years as chief executive," Hogan added.
Harrison first joined Pentair in 1994 as senior vice president and
CFO, and was named executive vice president and CFO in 1995. He left
the Company in 1996 to serve as executive vice president and CFO of
Coltec Industries and, later held the same position with The Scotts
Company. He returned to Pentair in 2000 as executive vice president
and CFO. Prior to joining Pentair, Harrison worked for Borg-Warner
Chemicals and several units of General Electric.
"It has been a great pleasure for me to have worked with Pentair,
a vibrant, growing organization," Harrison said. "I consider my years
on the Company's leadership team among the best in my forty-one year
accounting and finance career."
About Pentair, Inc.
Pentair (www.pentair.com) is a diversified operating company
headquartered in Minnesota. Its Water Group is a global leader in
providing innovative products and systems used worldwide in the
movement, treatment, storage and enjoyment of water. Pentair's
Technical Products Group is a leader in the global enclosures market,
designing and manufacturing standard, modified, custom and thermal
enclosures that house and protect sensitive electronics and electrical
components. With 2005 revenues of $2.95 billion, Pentair has
approximately 15,000 employees worldwide.
CONTACT: Pentair, Inc., Golden Valley
Communications:
Rachael Jarosh, 763-656-5280
E-mail: rachael.jarosh@pentair.com
or
Investor Relations:
Mark Cain, 763-656-5278
E-mail: mark.cain@pentair.com
SOURCE: Pentair, Inc.