CHARLOTTE, N.C., Sept. 1, 2015 /PRNewswire/ -- SPX Corporation
(NYSE: SPW) today announced David A.
Roberts and Dr. Ruth G. Shaw
as new members of the Board of Directors for SPX Corporation,
effective upon the previously announced spin-off of SPX FLOW, Inc.
which is expected to be completed near the end of the third
quarter.
In addition, Mr. Roberts has been elected to serve as Chair of
the Compensation Committee and Dr. Shaw has been elected to serve
as Chair of the Nominating and Governance Committee.
"We are very pleased to add two high quality individuals with
strong track records of success to our Board. David and Ruth are
strong leaders with extensive experience and industry knowledge,"
said Chris Kearney, Chairman,
President and CEO of SPX Corporation. "With the appointments of
David and Ruth, we have now completed the board structure for SPX
Corporation. We believe the newly formed Board will provide great
leadership and counsel to Gene Lowe
and his team as they execute on and achieve the growth strategy for
SPX Corporation following the spin-off of our FLOW business."
David A. Roberts has served as
the Chairman, President and Chief Executive Officer of Carlisle
Companies, Inc., a diversified manufacturing company, since 2007.
He also serves as a director for Franklin Electric Co.,
Inc.
Mr. Roberts brings extensive experience in senior management of
multinational companies, including expertise in the industrial and
manufacturing sectors. Mr. Roberts also contributes strong
financial acumen and experience from his service on various public
company boards.
Dr. Ruth G. Shaw retired from
Duke Energy Corporation in 2007 and served as Executive Advisor to
the company until 2009. She previously served as Group Executive
for Public Policy and President, Duke Nuclear from 2006 to 2007,
President and Chief Executive Officer, Duke Power Company from 2003
to 2006, and Executive Vice President and Chief Administrative
Officer from 1997 to 2003, among other roles, from 1992. Dr. Shaw
also serves as a director for The Dow Chemical Company and DTE
Energy.
Dr. Shaw contributes a deep understanding of human resources
management, executive compensation, information technology,
communications, public relations, environment, health and safety
management, procurement and diversity.
Contingent upon, and effective as of the completion of the
spin-off, the Board of Directors for SPX Corporation, including
committee assignments, is shown in the table below.
|
|
Committee
Assignments
|
Board
Member
|
|
Compensation
|
Nominating
&
Governance
|
Audit
|
Patrick
O'Leary
(non-executive
Chairman)
|
Former EVP and CFO
of
SPX Corporation for 16 years
|
|
|
|
David
Roberts
|
Chairman, President
and CEO of
Carlisle Companies
|
Chair
|
X
|
X
|
Ruth Shaw
|
Former President and
CEO, Duke Power Company
|
X
|
Chair
|
X
|
Rick
Puckett
|
EVP, CFO and CAO
of
Snyder's Lance, Inc.
|
X
|
X
|
Chair
|
Tana Utley
|
VP, Large Power
Systems
Division of Caterpillar Inc.
|
|
|
X
|
Chris
Kearney
|
Chairman, President
and CEO of
SPX FLOW, Inc.
|
|
|
|
Gene Lowe
|
President and CEO
of SPX Corporation
|
|
|
|
About the "NEW" SPX Corporation (remaining
company): Based in Charlotte, North Carolina, following the
spin-off of its FLOW business, the "NEW" SPX Corporation will be a
leading supplier of highly engineered HVAC products, detection and
measurement technologies and power equipment. The "NEW" SPX
Corporation is expected to have approximately $2 billion in annual revenues and approximately
6,000 employees worldwide. Following the spinoff of its FLOW
business, SPX Corporation will be listed on the New York Stock
Exchange under a new ticker symbol, "SPXC". For more information,
please visit www.spx.com.
About SPX FLOW, Inc. (spinoff company):
Based in Charlotte, North
Carolina, SPX FLOW, Inc. is a leading global supplier of
highly engineered flow components, process equipment and turn-key
systems, along with the related aftermarket parts and serves, into
the food and beverage, power and energy and industrial end
markets. SPX FLOW, Inc. is expected to have approximately
$2.5 billion in annual revenues and
approximately 8,000 employees with operations in over 35 countries
and sales in over 150 countries around the world. Following the
spinoff, SPX FLOW, Inc. will be listed on the New York Stock
Exchange under the ticker symbol "FLOW". For more information and
the most recent Form 10 filing, please visit www.spx.com.
Certain statements in this press release are forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. Please read this press release in
conjunction with the company's documents filed with the Securities
and Exchange Commission, including the company's annual reports on
Form 10-K, and any amendments thereto, and quarterly reports on
Form 10-Q. These filings identify important risk factors and other
uncertainties that could cause actual results to differ from those
contained in the forward-looking statements. Actual results may
differ materially from these statements. The words "believe",
"expect," "anticipate," "project" and similar expressions identify
forward-looking statements. Although the company believes that the
expectations reflected in its forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Statements in this press release speak
only as of the date of this press release, and SPX disclaims any
responsibility to update or revise such statements.
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visit:http://www.prnewswire.com/news-releases/spx-announces-new-board-members-300136340.html
SOURCE SPX Corporation