Fortive Announces Board Chair Transition

Rhea-AI Summary

Fortive (NYSE: FTV) announced a significant leadership transition in its Board of Directors. Sharmistha 'Shar' Dubey has been appointed as the new Chair of the Board, succeeding Alan G. Spoon, who will retire and not seek reelection at the June 2025 Annual General Meeting.

Dubey, who has served as a Director since 2020 and participated in the Nominating and Governance and Compensation Committees, brings extensive executive leadership experience, including her role as CEO of Match Group from 2020 to 2022. The transition comes as Fortive approaches the previously announced separation of its Precision Technologies segment.

The company's CEO, James A. Lico, emphasized Dubey's integral role in Fortive's strategic evolution over the past five years and her deep understanding of the business. Dubey currently serves on the boards of Match Group, Prosus, and Naspers

Positive

• Smooth leadership transition with experienced successor already familiar with company operations
• New Chair brings significant executive leadership experience as former Match Group CEO
• Planned transition allows for proper handover until June 2025

Negative

• Loss of long-term Board Chair who served since company spin-off from Danaher
• Leadership change during critical period of Precision Technologies segment separation

Alan G. Spoon to Retire from Board June 2025

Shar Dubey Appointed as Chair of the Board

EVERETT, Wash.--(BUSINESS WIRE)-- Fortive Corporation (“Fortive”) (NYSE: FTV) today announced that its Board of Directors has appointed Sharmistha “Shar” Dubey as the Chair of the Board. Ms. Dubey succeeds Alan G. Spoon who has notified the Board that he will retire from the Board and not stand for reelection at the upcoming Annual General Meeting in June 2025.

“It has been a privilege to serve as Chair of Fortive’s Board of Directors since its spin-off from Danaher over eight years ago,” said Mr. Spoon. “As we progress towards the completion of the previously announced separation of the Precision Technologies segment, this is the right time to elevate new leadership to guide the company in its next exciting chapter. Shar has extensive strategic, operational, and executive leadership experience as well as deep knowledge of Fortive, which will serve the Board, the company, and our shareholders well. I have the utmost faith in her ability to continue to steward innovation and success at Fortive.”

Ms. Dubey served as a Director on the Fortive Board of Directors since 2020 and has been a member of the Nominating and Governance and Compensation Committees. She previously served as the CEO of Match Group, Inc. from 2020 to 2022, and prior to that, held various leadership roles at Match Group since 2006, including as Match Group's President, Chief Operating Officer of Tinder, President of Match Group Americas, Chief Product Officer of Match, and Chief Product Officer and EVP of The Princeton Review. In addition to her role at Fortive, Ms. Dubey also has served as a board member at Match Group since 2019 and Prosus and Naspers Limited since 2022.

“I am honored to be elected Chair of the Board of Fortive during this evolutionary time for the company,” said Ms. Dubey. “Alan’s mentorship has been invaluable, and I know that I speak for the entire Board when I say that his unwavering service and dedication to the company has been a meaningful part of its operational and financial success. As we move into this next phase of leadership and growth at Fortive, the entire Board and management team remain resolute in our commitment to creating exceptional value for our customers, shareholders, employees, and broader communities we serve.”

James A. Lico, the Fortive CEO, President and Director, stated, “I extend my heartfelt thanks to Alan for his generous dedication and service, and congratulate Shar on her well-deserved appointment as Chair of the Fortive Board. Over the last five years, Shar has been integral to our strategic evolution. She deeply understands our businesses and shares our passion for innovation and continuous improvement. Her track record of driving success by empowering teams will continue to be incredibly valuable to Fortive going forward.”

ABOUT FORTIVE

Fortive is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive’s strategic segments - Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions - include well-known brands with leading positions in their markets. The company’s businesses design, develop, service, manufacture, and market professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 18,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit: www.fortive.com.

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not strictly historical, including statements regarding future prospects, shareholder value, our plans to separate into two independent, publicly-traded companies, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” “target”, or “will” or other words of similar meaning, are “forward-looking statements” within the meaning of the United States federal securities laws. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: deterioration of or instability in the economy, the markets we serve, geopolitical conditions and conflicts, international trade policies and the financial markets, security breaches or other disruptions of our information technology systems, supply chain constraints, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, changes in trade relations with other countries, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to recruit and retain key employees, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, geopolitical, including war and sanctions, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, adverse effects of restructuring activities, our plans to separate into two independent, publicly-traded companies, risk related to tax treatment of our prior or pending separation, impact of our indemnification obligation to Vontier, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters and climate change. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 27, 2024. These forward-looking statements speak only as of the date of this presentation, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250129974718/en/

Elena Rosman

Vice President, Investor Relations

Fortive Corporation

6920 Seaway Boulevard

Everett, WA 98203

Telephone: (425) 446-5000

Source: Fortive Corporation

FAQ

When will Alan Spoon retire from Fortive's (FTV) Board of Directors?

Alan Spoon will retire from Fortive's Board at the Annual General Meeting in June 2025.

Who is the new Board Chair of Fortive (FTV)?

Sharmistha 'Shar' Dubey has been appointed as the new Chair of Fortive's Board of Directors.

What is Shar Dubey's experience with Fortive (FTV)?

Shar Dubey has served as a Director on Fortive's Board since 2020 and has been a member of the Nominating and Governance and Compensation Committees.

How does this leadership change impact Fortive's (FTV) Precision Technologies separation?

The leadership transition coincides with Fortive's previously announced separation of the Precision Technologies segment, with Dubey set to guide the company through this strategic change.

What is Shar Dubey's previous executive experience before joining Fortive (FTV)?

Dubey served as CEO of Match Group from 2020 to 2022 and held various leadership roles at Match Group since 2006, including President, COO of Tinder, and other executive positions.