SPX Announces Appointment of Ankush Kumar as Executive Officer and Leader of Global Cooling Businesses

Rhea-AI Summary

SPX Corporation (NYSE:SPXC) has announced the appointment of Ankush Kumar as an Executive Officer, expanding his role to oversee all global Cooling operations, including Process Cooling. Joining SPX in 2018 as President of HVAC Cooling, Kumar has shown substantial operational improvements and brings vast experience from Gardner Denver Holdings and McKinsey & Company. Gene Lowe, President and CEO, praised Kumar's strategic acumen and commitment to value creation for shareholders.

Positive

• Ankush Kumar's promotion may enhance leadership stability and drive operational efficiency in Cooling operations.
• Kumar's experience in strategy development and operational improvement is expected to benefit the company's long-term growth.

Negative

• Transitioning leadership could pose risks related to continuity in management.
• There may be concerns regarding experience gaps in overseeing expanded responsibilities across global Cooling operations.

CHARLOTTE, N.C., Oct. 29, 2020 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) today announced that Ankush Kumar, who joined the company in 2018 as President of the company’s HVAC Cooling business, has been appointed as an Executive Officer of the company. Mr. Kumar will also now assume leadership for SPX’s Process Cooling organization, giving him responsibility for all Cooling operations globally.   

“Ankush is an excellent addition to our strong team of executive leaders,” said Gene Lowe, President and CEO of SPX Corporation. “He has been instrumental in driving substantial operational improvements across our global HVAC cooling businesses through his expertise in strategy development, operations, channel management, and strategic pricing. His demonstrated ability to implement process discipline and build organizational capabilities make him a tremendous asset to our culture of continuous improvement and value creation for shareholders.”

Prior to joining SPX in 2018, Mr. Kumar led the fluid transfer equipment and liquid-ring compressor systems businesses at Gardner Denver Holdings, Inc., a global industrial manufacturer. Also, he previously spent 13 years at McKinsey & Company, where his focus was growth through strategy deployment, business development and commercial performance transformation.

About SPX Corporation:  SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. Based in Charlotte, North Carolina, SPX Corporation had approximately $1.5 billion in annual revenue in 2019 and over 4,500 employees in 17 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.”  For more information, please visit www.spx.com.

SOURCE SPX Corporation.

Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications
Phone:  980-474-3806
E-mail: spx.investor@spx.com

FAQ

What is the recent management change at SPX Corporation?

Ankush Kumar has been appointed as an Executive Officer, overseeing all global Cooling operations.

What role did Ankush Kumar have before his promotion?

He was the President of SPX's HVAC Cooling business since 2018.

What impact could Ankush Kumar's appointment have on SPX Corporation?

His appointment may lead to improved operational efficiencies and strategic growth within Cooling operations.

What is the background of Ankush Kumar?

Prior to SPX, Kumar led fluid transfer equipment businesses at Gardner Denver Holdings and worked at McKinsey & Company for 13 years.

How does SPX Corporation position itself in the market?

SPX Corporation is a supplier of engineered products and technologies, focusing on HVAC, detection, and measurement markets.