• LeRoy Nosbaum to become executive chairman
LIBERTY LAKE, WA, Feb. 18, 2009 -- Itron Inc. announced that its Board of Directors has elected Malcolm Unsworth, 59, to succeed LeRoy Nosbaum as President and Chief Executive Officer effective March 31, 2009. Mr. Nosbaum will remain on the Board and serve as its Executive Chairman until December 31, 2009.
Malcolm Unsworth joined Itron in July of 2004 as Sr. Vice President, Hardware Solutions, following the acquisition of Schlumberger Electricity Metering. In April 2007, Mr. Unsworth was named Sr. Vice President and Chief Operating Officer of Actaris and promoted to President and Chief Operating Officer of the company in April, 2008. In December 2008 he was elected to the Board. Prior to joining Itron, Mr. Unsworth spent 25 years with Schlumberger in a variety of management positions in the electric, gas, water and systems businesses.
"This management change occurs at a very good time for Itron," said Jon Eliassen, Lead Director for the company. "With the acquisition of Actaris completed, advanced metering infrastructure (AMI) deployments beginning, and the company's financial condition strong, Itron is ready to embark on the next growth phase. Malcolm has the right combination of industry experience and a deep understanding of Itron on a global scale to take us into the next decade. Having been responsible for Actaris since the acquisition, he has gained an understanding of exactly what needs to be done, where it needs to be done, and when it needs to be done in order to take full advantage of the opportunities that lie ahead."
"I'm looking forward to leading this company," said Unsworth. "We are well positioned for growing the company, meeting our customers' needs, and providing terrific growth opportunities for our employees around the world. Our strategy is sound and we have a great management team. We will continue to deliver value to our shareholders and our customers."
"LeRoy Nosbaum has made significant contributions to Itron's growth and creation of shareholder value over the past nine years. LeRoy led the company through nine acquisitions and grew revenue ten-fold, from $193 million in 1999 to more than $1.9 billion in 2008. The Board wants to congratulate LeRoy on his retirement as CEO and welcomes his continued leadership in the role of Executive Chairman," said Eliassen.
"Malcolm has the ideal experience to lead Itron through this exciting time," said Nosbaum. "This promotion is part of a leadership succession plan that the Board developed over the past year. It has been a privilege to lead Itron for the past nine years through a time of terrific growth. I am very confident that Malcolm and his team will continue to make Itron the leader in this industry."
Itron Inc. is a leading technology provider to the global energy and water industries.
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