Xylem CEO Steps Down
Steven R. Loranger will act as CEO & president effective immediately
Xylem Inc. announced that its board of directors has appointed Steven R. Loranger as CEO and president, effective immediately. He currently serves as a director of Xylem and succeeds Gretchen W. McClain, who has stepped down as president and CEO and as a director to pursue other opportunities. The board is initiating a search for the next CEO.
Loranger was chairman, president and CEO of ITT Corp. when it spun its water businesses off as Xylem in October 2011.
“Steve is an industry veteran who is quite familiar with Xylem’s business. He knows the challenges we are facing and understands the tremendous potential of this business,” said Markos I. Tambakeras, Xylem’s chairman of the board. "He is well suited to provide the leadership Xylem needs to transition smoothly to the next stage of its evolution. We are determined to refine and sharpen our strategic focus in order to position the Company for growth in our dynamic industry. We are initiating a comprehensive search to identify the best candidate to serve as our CEO over the longer term.
“On behalf of the entire board, I would like to thank Gretchen for her dedication and leadership as the CEO of Xylem," Tambakeras said. "Gretchen has guided the Company since its spin-off from ITT and has been an important member of the Xylem management team. We wish her the very best in her future endeavors.”
“I am energized by the opportunity to lead Xylem during this important period as the board conducts its search for our next CEO,” Loranger said. “I look forward to working with the board, our management team and Xylem’s talented employees around the world to leverage the strength of all our assets to grow our business and drive stronger performance.”