Watts Water Technologies Appoints Chief Operating Officer

Rhea-AI Summary

Watts Water Technologies (NYSE: WTS) announced the appointment of Andre Dhawan as Chief Operating Officer, effective August 15, 2022. Dhawan transitions from Gilbarco Veeder-Root, where he served as President of the Americas. He replaces Munish Nanda, who is retiring after years of leadership. CEO Robert Pagano expressed confidence in Dhawan's ability to drive growth and operational excellence, noting his experience in successful product launches and market expansions. This leadership change aims to enhance the company's strategic direction and performance.

Positive

• Appointment of experienced COO Andre Dhawan, expected to drive growth and operational improvements.
• Robust background in successful product launches and market expansions enhances leadership strength.

Negative

• Retirement of Munish Nanda raises concerns about continuity in leadership.

NORTH ANDOVER, Mass.--(BUSINESS WIRE)-- Watts Water Technologies, Inc. (NYSE: WTS) today announced that Andre Dhawan will join the Company as Chief Operating Officer on August 15, 2022. Mr. Dhawan comes to Watts from Gilbarco Veeder-Root, a subsidiary of Vontier Corporation, where he most recently served as President, Americas and previously as President, EMEA & APAC. Prior to joining Gilbarco Veeder-Root, Mr. Dhawan held several senior leadership positions with Xylem Inc. and ITT Corporation.

Mr. Dhawan is replacing Munish Nanda, President of Americas & Europe, who previously announced that he plans to retire from Watts.

Robert J. Pagano, Jr., President, Chief Executive Officer and Chairperson of the Board, commented, “Andre is a proven, growth-oriented strategic and operational leader with a track record of successful acquisitions and integrations, driving strong organic growth, and providing disciplined and lean operational leadership. We are extremely pleased to add to our team someone with Andre’s background and experience in leading successful new product introductions, geographic market expansions, building high-performing teams and leading international businesses. I believe Andre’s talent and experience make him extremely well suited to lead our operations.”

“I also want to thank Munish again for his leadership in driving tremendous progress over the past several years and for his willingness to provide extended assistance in transitioning his responsibilities to Andre,” Mr. Pagano concluded.

Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world. Its subsidiaries and brands offer innovative plumbing, heating, and water quality solutions for commercial, residential and industrial applications. For more information, visit www.watts.com.

This Press Release includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views about future events. You should not rely on forward-looking statements because our actual results may differ materially from those predicted as a result of a number of potential risks and uncertainties. These potential risks and uncertainties include, but are not limited to: the effectiveness, the timing and the expected savings associated with our cost-cutting actions, restructuring and transformation programs and initiatives; current economic and financial conditions, which can affect the housing and construction markets where our products are sold, manufactured and marketed; shortages in and pricing of raw materials and supplies; our ability to compete effectively; changes in variable interest rates on our borrowings; inflation; failure to expand our markets through acquisitions; failure to successfully develop and introduce new product offerings or enhancements to existing products; failure to manufacture products that meet required performance and safety standards; foreign exchange rate fluctuations; cyclicality of industries where we market our products, such as plumbing and heating wholesalers and home improvement retailers; environmental compliance costs; product liability risks; changes in the status of current litigation; the risks and uncertainties relating to the COVID-19 pandemic and the war in Ukraine; supply chain and logistical disruptions or other workforce disruptions that could negatively affect our supply chain, manufacturing, distribution, or other business processes; and other risks and uncertainties discussed under the heading “Item 1A. Risk Factors” and in Note 15 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC, as well as risk factors disclosed in our subsequent filings with the SEC. We undertake no duty to update the information contained in this Press Release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220719005793/en/

Watts Water Technologies, Inc.

Diane McClintock

Senior Vice President, FP&A and Investor Relations

Phone: 1-978-689-6153

Diane.McClintock@wattswater.com

Source: Watts Water Technologies, Inc

FAQ

Who is the new Chief Operating Officer of Watts Water Technologies?

Andre Dhawan is the new Chief Operating Officer of Watts Water Technologies, effective August 15, 2022.

What is the experience of Andre Dhawan before joining Watts?

Before joining Watts, Andre Dhawan served as President of the Americas at Gilbarco Veeder-Root and held senior roles at Xylem Inc. and ITT Corporation.

Why did Munish Nanda retire from Watts Water Technologies?

Munish Nanda announced his retirement to transition leadership to Andre Dhawan, emphasizing a smooth handover of responsibilities.

What are the expected impacts of Andre Dhawan's leadership on Watts?

Andre Dhawan's leadership is expected to strengthen operational capabilities and drive growth through strategic initiatives.