Watts Water Technologies Announces CFO Retirement and Transition Plan
Watts Water Technologies (NYSE: WTS) announced that Chief Financial Officer Shashank Patel will retire on March 15, 2025, after serving since July 2018. Patel will remain in his position until a successor is appointed, with the company initiating a comprehensive search including both internal and external candidates. During Patel's tenure, the company achieved profitable growth, increased free cash flow, and executed a balanced capital deployment strategy. The transition plan aims to ensure continued value creation and smooth leadership succession.
Watts Water Technologies (NYSE: WTS) ha annunciato che il Chief Financial Officer Shashank Patel si ritirerà il 15 marzo 2025, dopo aver servito dall luglio 2018. Patel rimarrà in carica fino alla nomina di un successore, con l'azienda che avvierà una ricerca completa comprendente candidati sia interni che esterni. Durante il mandato di Patel, l'azienda ha raggiunto una crescita redditizia, aumentato il flusso di cassa libero e attuato una strategia bilanciata di utilizzo del capitale. Il piano di transizione mira a garantire la continua creazione di valore e un passaggio di leadership fluido.
Watts Water Technologies (NYSE: WTS) anunció que el director financiero Shashank Patel se retirará el 15 de marzo de 2025, después de haber servido desde julio de 2018. Patel permanecerá en su puesto hasta que se designe un sucesor, mientras la empresa inicia una búsqueda integral que incluye candidatos tanto internos como externos. Durante el mandato de Patel, la compañía logró un crecimiento rentable, aumentó su flujo de caja libre y ejecutó una estrategia equilibrada de despliegue de capital. El plan de transición tiene como objetivo asegurar la continua creación de valor y una sucesión de liderazgo sin problemas.
Watts Water Technologies (NYSE: WTS)는 최고 재무 책임자 Shashank Patel가 2018년 7월부터 재임한 후 2025년 3월 15일에 은퇴할 것이라고 발표했습니다. Patel은 후임자가 임명될 때까지 직위에 남아 있으며, 회사는 내부 및 외부 후보자를 포함한 포괄적인 검색을 시작할 것입니다. Patel의 재임 기간 동안 회사는 수익성 있는 성장을 달성하고, 자유 현금 흐름을 증가시키며, 균형 잡힌 자본 배분 전략을 실행했습니다. 전환 계획은 지속적인 가치 창출과 원활한 리더십 승계를 보장하는 것을 목표로 하고 있습니다.
Watts Water Technologies (NYSE: WTS) a annoncé que le directeur financier Shashank Patel prendra sa retraite le 15 mars 2025, après avoir servi depuis juillet 2018. Patel restera en fonction jusqu'à ce qu'un successeur soit nommé, l'entreprise lançant une recherche complète incluant des candidats internes et externes. Pendant le mandat de Patel, l'entreprise a réalisé une croissance rentable, augmenté son flux de trésorerie libre et mis en œuvre une stratégie équilibrée de déploiement du capital. Le plan de transition vise à garantir la création continue de valeur et une succession de leadership fluide.
Watts Water Technologies (NYSE: WTS) gab bekannt, dass der Chief Financial Officer Shashank Patel am 15. März 2025 in den Ruhestand gehen wird, nachdem er seit Juli 2018 im Amt ist. Patel bleibt in seiner Position, bis ein Nachfolger ernannt wurde, während das Unternehmen eine umfassende Suche nach internen und externen Kandidaten einleitet. Während Patels Amtszeit erzielte das Unternehmen profitables Wachstum, steigerte den freien Cashflow und setzte eine ausgewogene Kapitalverwendungsstrategie um. Der Übergangsplan zielt darauf ab, die fortlaufende Wertschöpfung und einen reibungslosen Führungswechsel zu gewährleisten.
- Company demonstrated profitable growth under current CFO's tenure
- Increased free cash flow performance
- Successful execution of balanced capital deployment strategy
- Planned orderly transition with advance notice
- None.
Chief Executive Officer and President Robert J. Pagano Jr. commented, “On behalf of the Board of Directors and our executive leadership team, I want to thank Shashank for his partnership, dedicated leadership, and impactful contribution to our Company. Throughout his time as CFO, Watts has continued delivering profitable growth while increasing free cash flow and executing a balanced capital deployment strategy. We appreciate that he will continue to serve in his role until a successor is named and provide support during the transition period. We wish Shashank the very best upon his well-earned retirement.”
Mr. Patel stated, “It has been an honor to serve as Watts’ CFO for the past 6 years, and I am proud to have contributed toward our mission to improve comfort, safety, and quality of life for people around the world through our expertise in a wide range of water technologies. I want to extend my heartfelt thanks to Bob for his visionary leadership, support and trust. Watts has continued to execute against our long-term strategy, including protecting our core business and investing for future growth through balanced capital deployment, while expanding our global addressable market and cross-selling opportunities through strategic acquisitions. I look forward to supporting the process to identify our next CFO and a smooth transition to ensure continued value creation.”
About Watts
Watts Water Technologies, Inc., through its subsidiaries, is a world leader in the manufacture of innovative products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications. Watts’ expertise in a wide variety of water technologies enables us to be a comprehensive supplier to the water industry.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030392115/en/
Watts Water Technologies, Inc.
Diane McClintock
Senior Vice President FP&A and Investor Relations
Telephone: 978-689-6153
investorrelations@wattswater.com
Source: Watts Water Technologies, Inc
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