NEWS RELEASE
SPX FLOW Board of Directors Appoints Robert F. Hull, Jr. as Chairman
CHARLOTTE, N.C., March 7, 2017 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW) announced today that its Board of Directors has elected Robert (Bob) F. Hull, Jr., a current independent director of SPX FLOW, as Chairman of the Board, effective upon the retirement of the current Chairman, Chris Kearney. Mr. Kearney recently informed the Board of Directors of his intention to retire from his role as a Director and the Chairman of the Board following the adjournment of the Annual Meeting of Stockholders to be held on or around May 10, 2017.
"Bob is an experienced leader with a strong background in finance, strategic development and operational performance improvement. He brings broad experience and proven boardroom leadership to the role of Chairman of the Board of Directors for SPX FLOW," said Kearney.
"The Board joins me in thanking Chris for his many years of service to the SPX family and his invaluable leadership through the building, development and spin-off of SPX FLOW. We wish Chris and his family all the best," said Hull. "I'm honored to succeed him in the role of Chairman and I recognize the significant responsibility I have to our associates, shareholders and the Board."
Mr. Hull, 52, has served as Chief Financial Officer of Lowe's Companies, Inc., a Fortune 50 company, since March 2003 and recently announced plans to retire from that role in March 2017. He joined Lowe's in 1999 and has more than 25 years of public company leadership experience, including expertise in finance, accounting, tax, treasury and investor relations in addition to strong experience in mergers and acquisitions, risk management, supply chain and human resources.
Mr. Hull has served on the SPX FLOW Board since its spin-off from SPX Corporation in 2015. Prior to that he served on the Board of Directors of SPX Corporation, beginning in August 2014. He was also a member of the Board of Trustees of the University of North Carolina at Charlotte from 2005 to 2015.
Upon Mr. Kearney's retirement, SPX FLOW's Board of Directors will be comprised of seven directors, including six independent members: Bob Hull, Emerson Fullwood, Terry Lisenby, David Singer, Pat Campbell and Anne Altman. This team of proven leaders is joined on the Board of Directors by Marc Michael, President and CEO of SPX FLOW.
Mr. Kearney has served a combined 20 years for SPX Corporation and SPX FLOW. He joined SPX Corporation in 1997 as Vice President, Secretary and General Counsel. He served as President and CEO of SPX Corporation from 2004 to 2015 and was elected Chairman of the Board in 2007. Under Mr. Kearney's leadership, SPX Corporation underwent a significant transformation that narrowed the focus of the company and positioned the business in higher growth, higher return markets. A key element of this transformation included the acquisitions of several flow businesses that were ultimately combined to create SPX FLOW in the spinoff transition completed on September 26, 2015. Mr. Kearney has served as Chairman of the Board of SPX FLOW since the spin-off.
About SPX FLOW, Inc.:
Based in Charlotte, North Carolina, SPX FLOW, Inc. (NYSE: FLOW) is a global supplier of highly engineered flow components, process equipment and turn-key systems, along with the related aftermarket parts and services, into the food and beverage, power and energy and industrial end markets. SPX FLOW has approximately $2 billion in annual revenues, operations in over 35 countries and sales in over 150 countries. To learn more about SPX FLOW, please visit our website at www.spxflow.com.
Investor and Media Contact:
Ryan Taylor, VP, Communications and Investor Relations
Phone: 704-752-4486
E-mail: investor@spxflow.com
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SOURCE SPX FLOW, Inc.