Xylem Inc. announced that Michael T. Speetzen, senior vice president and chief financial officer (CFO), has resigned his position with the company to accept another chief financial officer position, effective July 30, 2015. Speetzen will continue to serve as Xylem’s CFO through the company’s second quarter earnings announcement and 10-Q filing on July 30, 2015.
Shashank Patel, a 19-year veteran of the company and its former parent, will serve as interim CFO while the company conducts a search for a permanent successor. Patel currently serves as CFO and vice president, finance for Xylem’s Applied Water Systems division, where he leads financial planning, accounting and controls for this global business. Since 1996, he has served in a number of leadership roles in finance, operations and engineering at the company.
“Mike has made many valuable contributions to our business over the past six years, particularly as a key member of the management team that helped to steer the Company through its spin-off from ITT," said Patrick Decker, president and CEO of Xylem. "We wish him all the best in his new role.”
“It has been a privilege to work alongside such a dedicated and talented team of people," Speetzen said. "Xylem is in a strong financial position and I firmly believe that its valuable global brands, products and world-class distribution will support the long-term strategy of the Company.”
“I’m very pleased that Shashank Patel has agreed to step into the CFO role on an interim basis," Decker said. "His financial expertise and deep operational knowledge of the Company will enable a seamless transition.”
Xylem also announced preliminary results for the quarter ending June 30, 2015. The company expects to report revenue of $920 million, and earnings per share of $0.41 and adjusted earnings per share of $0.43. Xylem will report its complete second quarter results on July 30, 2015.
Source: Xylem Inc.