Monday, flow control products maker Flowserve Corp. (FLS) said that its board has named Mark Blinn, as the next President and Chief Executive Officer, effective October 1, 2009, and as a member of the board, effective immediately. The company also announced that Lewis Kling, the current President and Chief Executive whose retirement is scheduled for February, 2010, has been appointed as Vice Chairman of the board, effective October 1.
Blinn joined Flowserve in 2004 as Chief Financial Officer after serving in the same capacity at Kinko's Office and Print Services, Inc. prior to its acquisition by FedEx. In addition to the role of CFO, Blinn has also been in charge of Flowserve's Latin America operations since October, 2007. Blinn has also served as Vice President and Chief Accounting Officer of Centex Corp. from 2000 to 2002 and as Managing Director of Corporate Finance of the same company since 1999.
Commenting on Blinn's appointment, James Rollans, non-executive Chairman said, "The Board is confident that Mark and the Company's outstanding executive leadership team will drive Flowserve to even higher levels of value creation for our shareholders."
Kling stated, "The timing of this transition will enable Mark, with my support, to effectively drive the Company's 2010 strategic and financial planning processes, which are now getting underway. It will also allow five months for transition and my oversight before my planned retirement from Flowserve this coming February."
Kling, who is retiring from Flowserve when he turns 65 in February, served as President, CEO of the company for four years.
"Our Board has been extremely pleased with Lew's effectiveness as Flowserve's President and Chief Executive Officer. Over his four-year tenure revenues have grown consistently, nearly doubling, while net profits have grown ten fold, and we now have a world class operation and organization. In addition to the outstanding financial performance, Lew has also prepared Mark well as his successor, " said Rollans.
Flowserve is one of the world's leading providers of fluid motion and control products and services. The company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
FLS is currently trading at $85.97, $3.43 or 3.84%, with a volume of 445 thousand shares. In the past 52 week period, the stock has traded in the range of $37.18 - $136.45, with an average 3-month volume of 1.29 million shares.
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