Mueller Water Products, Inc. (NYSE: MWA) (“Mueller” or the
“Company”) today announced that Marietta (“Martie”) Edmunds Zakas
has been appointed Chief Executive Officer. Ms. Zakas has served as
the Company’s CEO and President since August 2023 and previously
served as Chief Financial Officer. Ms. Zakas’ appointment followed
a comprehensive and competitive internal and external search
process conducted by the Board with the support of a leading
executive search firm. In addition, Paul McAndrew, Chief Operating
Officer, has been promoted to President. These changes are
effective immediately.
“The Board performed a thorough process to identify our next
CEO, and it is clear that Martie is the right leader for Mueller,”
said Stephen C. Van Arsdell, Board Chair. “Many already know Martie
well, and few know Mueller better than she does. Under her
leadership, despite a challenging external environment, Mueller has
delivered strong results with a focus on long-term sustainable
growth. In addition, we have continued to enhance Mueller through
key external hires, internal promotions and organizational
realignment. We are confident in Martie’s ability to
unlock Mueller's full potential as we enter this exciting next
chapter for Mueller and the water infrastructure industry.”
Ms. Zakas said, “It is an honor to continue in the role of CEO.
Mueller plays a critical role in helping our customers deliver
clean, safe drinking water to millions of people. I am excited
about the opportunities our talented and committed employees have
to build on our strong foundation of industry-leading brands and
deep channel and end customer relationships. As we address the
challenges of aging water infrastructure across our markets with
our products and solutions, I am confident that the Company is
well-positioned to continue to deliver profitable growth in the
months and years ahead. I look forward to working with Paul, the
Board, and the rest of the team as we continue to execute our
strategy and enhance shareholder value.”
Mr. Van Arsdell continued, “Since joining Mueller in November
2022, Paul has played a vital role in overseeing the Company’s
global manufacturing operations, supply chain and commercial
activities. He brings more than twenty years of leadership
experience, demonstrated cross-cultural expertise, and a proven
ability to foster growth and create transformative change. In a
very short period of time, Paul’s initiatives and ideas have
revitalized our organization. Our recent financial success is a
testament to our team’s intense focus on all aspects of our
business, which will continue as Martie, Paul and our entire team
advance our transformation. We will continue to seek to exceed our
customers’ expectations by delivering products of the highest
quality as we extend our markets through both organic and inorganic
growth.”
Mr. McAndrew said, “I am thrilled to continue to partner with
Martie and our team to enhance customer experience and drive
operational excellence in all that we undertake. Since I joined
Mueller, we have been strategic in our approach to every facet of
the business, which the investment community is seeing in our
performance, our distributors and customers are seeing in our
delivery times and product quality and our employees are seeing in
their daily activities. Mueller has leading brands, tremendous
products and exceptional people who will continue to drive the
Company forward. The best part is that this is only the
beginning.”
Christian Garcia Joins the Board as Part of Continuing
Refreshment Plan, Brian Healy Elected to the Board
The Company also announced that Christian Garcia joined the
Mueller Board of Directors as a Board observer and will serve in
this capacity until later this year, when he is expected to be
appointed as a Board Director. Once Mr. Garcia is appointed, the
Board will be comprised of 11 members, 10 of whom will be
independent. Additionally, as previously disclosed, Brian Healy,
initially appointed to the Board as an observer, was elected in
February 2024.
Mr. Van Arsdell concluded, “As we execute the next phase of our
strategy to accelerate value creation, generate growth and expand
margins, Christian’s strong operational and financial expertise in
the industrial and manufacturing sectors across global
organizations will help enhance Mueller.”
In the past five years, Mueller has elected seven new Board
members who bring fresh perspectives and a wealth of experience,
reflecting our commitment to bring new and diverse viewpoints to
the boardroom while benefiting from the guidance and experiences of
our more tenured directors.
The Board remains committed to its refreshment plan as announced
in October 2022. As part of this plan, the Company recently updated
its Corporate Governance Policy to provide that, generally, members
of the Board who are 75 years of age or older, or those who have
served on the Board for 10 successive years, will not be nominated
for a new term. The term and age limits are intended to help ensure
new ideas and viewpoints are available while retaining valuable
Board experience developed over a period of time.
In a separate release issued today, the Company announced
financial results for its fiscal 2024 second quarter ended March
31, 2024.
About Marietta Edmunds Zakas
Martie Zakas has served as the Company’s CEO and President since
August 2023. She previously served as the Executive Vice President
and Chief Financial Officer of Mueller Water Products since 2018
and has extensive leadership experience in finance, strategy,
M&A and implementing proven strategies to deliver value. She
has directed Mueller’s strategic planning, corporate development,
investor relations and corporate communications activities since
joining the Company in 2006. Prior to joining Mueller, Ms. Zakas
spent five years with Russell Corporation, an athletic apparel,
footwear and equipment company, where she held a variety of
positions culminating in her role as Corporate Vice President,
Chief of Staff, Business Development and Treasurer, until its 2006
acquisition by Berkshire Hathaway. From 1993 to 2000, Ms. Zakas
served as Corporate Vice President, Director of Investor Relations
and Corporate Secretary for Equifax, Inc., a global data, analytics
and technology company. Ms. Zakas began her career as an investment
banker at Morgan Stanley. Ms. Zakas earned a Bachelor of Arts
degree from Randolph-Macon Woman’s College (now known as Randolph
College), a Master of Business Administration degree from the
University of Virginia Darden School of Business and a Juris Doctor
from the University of Virginia School of Law. Ms. Zakas is a
Director of Mueller Water Products and BlueLinx Holdings, Inc., and
is a former Director of Atlantic Capital Bancshares, Inc. She
serves on the Board of Trustees of the University of Virginia
Darden School Foundation.
About Paul McAndrew
Paul McAndrew has been the Company’s Chief Operating Officer
since August 2023. Prior to that role, he was the Senior Vice
President of Global Operations and Supply Chain, overseeing the
Company’s global manufacturing operations and supply chain. He is a
seasoned global operating executive with strong leadership
experience in operations, engineering and sales. Prior to joining
Mueller in 2022, Mr. McAndrew worked at Emerson as a Vice President
and General Manager of Professional Tools where he held full
P&L responsibility and leadership across all functions,
including sales and marketing, product management and engineering,
operations and supply chain and human resources. Mr. McAndrew also
played a pivotal role in Emerson’s successful acquisition of
Textron’s Tools and Test business, Greenlee, in 2018. At the time,
Mr. McAndrew was serving as Vice President & General Manager at
Greenlee, where he led the Americas Greenlee business and held full
P&L responsibility and leadership across all functions. From
2003 to 2017, Mr. McAndrew worked at Kautex Textron, serving in
various operating roles in multiple countries. Mr. McAndrew earned
a Bachelor of Engineering degree from Cardiff University.
About Christian Garcia
Christian Garcia previously served as Executive Vice President
and Chief Financial Officer from 2020 to 2023 at BrandSafway, a
provider of industrial services solutions to commercial,
industrial, and infrastructure markets. From January 2020 to August
2020, Mr. Garcia served as the Executive Vice President and Chief
Financial Officer of Weatherford International, a publicly-listed
oil services company. From 2016 to 2019, Mr. Garcia served as
Executive Vice President and Chief Financial Officer of Visteon
Corporation, a publicly-listed provider of automotive cockpit
electronics. Previously, Mr. Garcia served as acting Chief
Financial Officer of Halliburton Company, where he progressed
through a variety of leadership positions including Chief
Accounting Officer, Treasurer and Senior Vice President of Investor
Relations. Mr. Garcia currently serves as a Director at Tetra
Technologies. Mr. Garcia received his Bachelor of Science from the
University of the Philippines and his master’s degree in business
from Purdue University.
About Brian Healy
Brian Healy has been a member of the Company’s Board of
Directors since February 2024 and was a Board observer commencing
in November 2023. Mr. Healy is a lecturer of finance at the
University of Virginia McIntire School of Commerce. He previously
served as Managing Director and Co-Head of Mergers and Acquisitions
in the Americas at Morgan Stanley and was a member of the
Investment Banking Management Committee from 2019 to 2023. Mr.
Healy also held various leadership roles at Morgan Stanley,
including Global Chief Operating Officer of Investment Banking and
Head of Firm Strategy and Execution. He serves as a Board Member of
Children’s Aid and Family Services of New Jersey. Mr. Healy earned
his Bachelor of Science in Commerce from the University of Virginia
and an MBA with a concentration in finance from the University of
Chicago.
Forward-Looking Statements
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of the
federal securities laws. All statements that address activities,
events or developments that the Company intends, expects, plans,
projects, believes or anticipates will or may occur in the future
are forward-looking statements, including, without limitation,
statements regarding outlooks, projections, forecasts,
expectations, commitments, trend descriptions and the ability to
capitalize on trends, value creation, Board of Directors and
committee composition plans, long-term strategies and the execution
or acceleration thereof, operational improvements, inventory
positions, the benefits of capital investments, financial or
operating performance including improving sales growth and driving
increased margins, capital allocation and growth strategy plans,
the Company’s product portfolio positioning and the demand for the
Company’s products. Forward-looking statements are based on certain
assumptions and assessments made by the Company in light of the
Company’s experience and perception of historical trends, current
conditions and expected future developments.
Actual results and the timing of events may differ materially
from those contemplated by the forward-looking statements due to a
number of factors, including, without limitation, legal,
reputational, audit and financial risks resulting from previously
reported cybersecurity incidents and possible future cybersecurity
incidents, the effectiveness of the Company’s business continuity
plans related thereto, and the Company’s ability to recover under
its cybersecurity insurance policies; logistical challenges and
supply chain disruptions, geopolitical conditions, including the
Israel-Hamas war, public health crises, or other events; inventory
and in-stock positions of our distributors and end customers; an
inability to realize the anticipated benefits from our operational
initiatives, including our large capital investments in Chattanooga
and Kimball, Tennessee, and Decatur, Illinois, plant closures, and
reorganization and related strategic realignment activities; an
inability to attract or retain a skilled and diverse workforce,
including executive officers, increased competition related to the
workforce and labor markets; an inability to protect the Company’s
information systems against further service interruption,
misappropriation of data or breaches of security; failure to comply
with personal data protection and privacy laws; cyclical and
changing demand in core markets such as municipal spending,
residential construction, and natural gas distribution; government
monetary or fiscal policies; the impact of adverse weather
conditions; the impact of manufacturing and product performance;
the impact of wage, commodity and materials price inflation;
foreign exchange rate fluctuations; the impact of higher interest
rates; the impact of warranty charges and claims, and related
accommodations; the strength of our brands and reputation; an
inability to successfully resolve significant legal proceedings or
government investigations; compliance with environmental, trade and
anti-corruption laws and regulations; climate change and legal or
regulatory responses thereto; changing regulatory, trade and tariff
conditions; the failure to integrate and/or realize any of the
anticipated benefits of acquisitions or divestitures; an inability
to achieve some or all of our Environmental, Social and Governance
goals; and other factors that are described in the section entitled
“RISK FACTORS” in Item 1A of the Company’s most recent Annual
Report on Form 10-K and later filings on Form 10-Q, as
applicable.
Forward-looking statements do not guarantee future performance
and are only as of the date they are made. The Company undertakes
no duty to update its forward-looking statements except as required
by law. Undue reliance should not be placed on any forward-looking
statements. You are advised to review any further disclosures the
Company makes on related subjects in subsequent Forms 10-K, 10-Q,
8-K and other reports filed with the U.S. Securities and Exchange
Commission.
About Mueller Water Products,
Inc.
Mueller Water Products, Inc. is a leading manufacturer and
marketer of products and services used in the transmission,
distribution and measurement of water in North America. Our broad
product and service portfolio includes engineered valves, fire
hydrants, pipe connection and repair products, metering products,
leak detection, pipe condition assessment, pressure management
products, and software technology that provides critical water
system data. We help municipalities increase operational
efficiencies, improve customer service and prioritize capital
spending, demonstrating why Mueller Water Products is Where
Intelligence Meets Infrastructure®. Visit us at
www.muellerwaterproducts.com.
Mueller refers to one or more of Mueller Water Products, Inc.
(MWP), a Delaware corporation, and its subsidiaries. MWP and each
of its subsidiaries are legally separate and independent entities
when providing products and services. MWP does not provide products
or services to third parties. MWP and each of its subsidiaries are
liable only for their own acts and omissions and not those of each
other.
Investor Relations Contact: Whit
Kincaid770-206-4116wkincaid@muellerwp.com
Media Contact: Jenny
Barabas470-806-5771jbarabas@muellerwp.com
Mueller Water Products (NYSE:MWA)
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