Watts Water Technologies (ticker: WTS, exchange: New York Stock Exchange (.N))
News Release -
Watts Water Technologies Announces CEO Transition
NORTH ANDOVER, Mass., Jan 26, 2011 (BUSINESS WIRE) --
Watts Water Technologies, Inc. (NYSE: WTS) today announced that Patrick
S. O'Keefe has resigned from his positions as President, Chief Executive
Officer and Director of the Company for health reasons and that the
Board of Directors has named David J. Coghlan, currently the Company's
Chief Operating Officer, as President, Chief Executive Officer and
Director, effective immediately. Mr. O'Keefe will remain with the
Company in a non-executive advisory role for several months to assist
with the transition.
Mr. Coghlan became the Company's Chief Operating Officer in January
2010, having originally joined the Company as President of North America
and Asia in June 2008. Prior to joining the Company, Mr. Coghlan served
as Vice President of Global Parts for Trane Inc., a global manufacturer
of commercial and residential heating, ventilation and air conditioning
equipment, from April 2004 through May 2008. Mr. Coghlan's previous
experience includes several positions with Ingersoll-Rand Company
Limited between 1995 and 2003, including Vice President and General
Manager, International and Managing Director of Europe within the
Climate Control Technologies segment. Prior to joining Ingersoll-Rand,
Mr. Coghlan worked for several years with the management consulting firm
of McKinsey & Co. in both the United Kingdom and the United States.
"David brings exceptional industry experience and knowledge and has a
strong track record, both in his time at Watts and in his prior
positions," said John K. McGillicuddy, Chairman of the Company's Board
of Directors. "Watts remains focused on creating shareholder value
through growth from expanding into new markets, developing new products
for existing markets, making key acquisitions, and through continuous
improvement in everything we do. David's experience and leadership
skills make him the ideal candidate to lead the Company through its next
"On behalf of the Board and the entire Company, I would like to thank
Pat for his service to Watts since he joined the Company in 2002,"
continued Mr. McGillicuddy. "Under Pat's leadership, the Company
experienced significant growth, both organic and acquired, embarked on a
strategy of lean manufacturing, and emerged from the economic downturn
of 2009 a stronger company. We are confident that the strategy which
Pat, David and the rest of the Company's leadership team has developed
and implemented over the past two years will continue to improve the
performance of the business going forward. We wish Pat all the best in
the years to come and we look forward to continued success under David's
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.
SOURCE: Watts Water Technologies, Inc.
Watts Water Technologies, Inc.
William C. McCartney, 978-688-1811
Chief Financial Officer