Departure of CEO at Watts Water announced
Watts Water announced that David J. Coghlan has resigned as president, CEO, and that Dean P. Freeman will serve as as interim president, CEO.
NORTH ANDOVER, MA, Jan. 9, 2014 -- Today, Watts Water Technologies, Inc. (NYSE: WTS) announced that David J. Coghlan has resigned from his positions as president, chief executive officer and director of the company, and that the board of directors has named Dean P. Freeman, currently the company's executive vice president and chief financial officer, as interim president and chief executive officer.
Coghlan is leaving Watts Water to become a partner in a private investment firm but will remain with the company in a non-executive advisory role through the end of January to assist with the transition. The board of directors has retained the firm of Crist Kolder Associates to conduct a search for the company's next CEO, which will include assessment of internal as well as external candidates. Freeman will retain his responsibilities as CFO during the period in which he serves as interim president and CEO.
Freeman joined Watts Water in October 2012 and was appointed executive VP and CFO a month later. He previously served as senior VP of finance and treasurer of Flowserve Corporation from October 2009 to October 2011. Also while at Flowserve, Freeman served as VP of finance and CFO of the Flowserve Pump Division from 2006 to October 2009. Prior to Flowserve, he served as CFO, Europe for The Stanley Works Corporation. He also served in financial executive and management roles with United Technologies Corporation and SPX Corporation.
"I have had the pleasure of getting to know Dean Freeman over the past year, and I believe he is a proven business leader, and I fully support his selection as interim chief executive officer," said Coghlan.
Freeman added, "It is an honor to be asked by the board of directors to serve as the company's interim chief executive officer, and it is my goal to continue to move the company forward."
About Watts Water's Franklin, N.H. facility
Watts Water's Franklin, N.H. facility, which opened in 1959, has undergone 16 expansions since that time and has more than tripled in square footage. From about 30 employees in 1959, the Franklin workforce has since grown to more than 500 employees today. The Franklin plant manufactures and distributes products that go to U.S. retailers, OEMs, and wholesale distributors, and it is currently the company's largest manufacturing facility in North America. For more information, visit www.wattswater.com.