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Chief Financial Officer William C. McCartney to Retire
Mr. McCartney expected to remain Chief Financial Officer until
NORTH ANDOVER, Mass.--(BUSINESS WIRE)--May. 23, 2012--
Watts Water Technologies, Inc. (NYSE: WTS) today announced that William
C. McCartney, the Company’s Chief Financial Officer, has decided to
retire after more than 27 years of service, including more than 12 years
as Chief Financial Officer. The Company is commencing a search for a
successor to Mr. McCartney. The Company expects to enter into a
retention agreement with Mr. McCartney pursuant to which Mr. McCartney
will remain in the position of Chief Financial Officer until a successor
is named and will remain with the Company until December 2012 to assist
with the transition process.
David Coghlan, the Company’s Chief Executive Officer, said, “I want to
thank Bill for his outstanding contributions to Watts Water over his
long and distinguished career and for the central role he has played in
our Company’s success. Bill has been particularly instrumental in the
Company’s success over the last 12 years, making substantial
contributions on the growth front through his role in the 36
acquisitions the Company has completed since 1999, on the operating
front by his focus on building a strong business model able to perform
in the most challenging business climate, and on the investor relations
front by being our Company’s face to the analyst and investor community.
Those of us who have had the privilege of working with Bill have great
respect for his business acumen, his integrity and his dedication during
his 27 years of service to Watts Water. I wish Bill the very best as he
“Watts Water has successfully navigated through a difficult global
downturn and I believe it is poised to take advantage of a market
recovery as a result of our strategies around growth, operational
excellence and One Watts Water. Given this, I have decided this is a
good time for me to close one chapter in my life and open a new one,”
said Mr. McCartney. “Before leaving, I want to try to assure the
Company’s success by assisting the Company in identifying a new Chief
Financial Officer to help David lead our business forward and by helping
my successor successfully transition into the Chief Financial Officer
Mr. McCartney joined Watts Water in 1985 as Controller. He was appointed
Vice President of Finance in 1994 and served as Corporate Controller
from 1988 to 1999. He was named Chief Financial Officer in January 2000.
Watts Water Technologies, Inc. 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.
Its expertise in a wide variety of water technologies enables it to be a
comprehensive supplier to the water industry.
This Press Release may include statements that are not historical facts
and are considered forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995, such as statements about the
Company’s ability to take advantage of a market recovery. These
forward-looking statements reflect the Company’s current views about
future results of operations and other forward-looking information. In
some cases you can identify these statements by forward-looking words
such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “should” and “would” or similar words. You should not
rely on forward-looking statements because the Company’s actual results
may differ materially from those indicated by these forward-looking
statements as a result of a number of important factors. These factors
include, but are not limited to, the following: the effectiveness of our
growth, operational excellence and One Watts Water initiatives; our
ability to successfully negotiate and execute a retention agreement with
Mr. McCartney; and other risks and uncertainties discussed under the
heading “Item 1A. Risk Factors” in the Watts Water Technologies, Inc.
Annual Report on Form 10-K for the year ended December 31, 2011 filed
with the Securities Exchange Commission and other reports the Company
files from time to time with the Securities and Exchange Commission. The
Company does not intend to, and undertakes no duty to, update the
information contained in this Press Release, except as required by law.
Source: Watts Water Technologies, Inc.
Watts Water Technologies, Inc.
William C. McCartney, 978-688-1811