Kling named Flowserve president/CEO; Sheehan gets nod as board chairman

Lewis M. Kling, 60, currently serves as chief operating officer at Flowserve and will become president and CEO succeeding Interim-Chairman, President and CEO Kevin E. Sheehan, who was appointed by the board in April...

DALLAS, July 28, 2005 (BUSINESS WIRE) -- Flowserve Corp.'s board of directors has selected Lewis M. Kling as president, chief executive officer, and a member of the board of directors, effective Aug. 1.

Kling, 60, currently serves as chief operating officer at Flowserve and will become president and CEO succeeding Interim-Chairman, President and CEO Kevin E. Sheehan, who was appointed by the board in April. Sheehan, 60, a director since 1990, was named non-executive chairman of the board. The company said it does not currently plan to name a successor to Kling in the COO role.

"The board considered a highly qualified pool of outstanding candidates, but in the end was convinced that Lew's experience and leadership style would serve as a catalyst to take Flowserve to the next level," said William C. Rusnack, a director and chairman of the board's transition committee. "Lew met all of the board's selection criteria, and we strongly believe that he is the right person to lead Flowserve into the future."

"I couldn't be more pleased with the selection of Lew into this role," said Sheehan. "He knows our business and has been an integral part of the leadership team during the past year. I'm confident he is ready to take on the responsibility of CEO."

Kling brings more than 35 years of experience with companies such as General Electric, SPX, Harris and AlliedSignal. He has extensive experience in successfully growing profitable industrial businesses, acquiring and integrating businesses, and rapidly driving results. Prior to joining Flowserve in July 2004, he was a group president and corporate officer for SPX Corp. In his role as COO at Flowserve, Kling was responsible for the three operating divisions as well as the supply chain and continuous improvement functions.

"I truly appreciate the confidence that the board is placing in me, and I am excited about the opportunity to lead a company with such a strong history and commitment to its customers and shareholders," said Kling. "I have worked very closely with all of the members of the management team and believe that we have the right people in place to successfully move Flowserve into the future, while continuing to preserve the trust of our customers and stakeholders. I also feel confident that we are on track to complete all of the financial compliance and Sarbanes-Oxley work consistent with the timeline we've recently announced."

Kling will begin his CEO duties with a two week business trip visiting international customers and company operations.

Flowserve Corp. (www.flowserve.com) is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.

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