Xylem chief financial officer to resign, accept another opportunity
Xylem has officially announced that Michael T. Speetzen, senior vice president and chief financial officer, will resign from his position to accept another position, effective July 30, 2015.
RYE BROOK, NY, July 14, 2015 -- Xylem Inc., a global water technology company dedicated to solving challenging water issues, has officially announced that Michael T. Speetzen, senior vice president (VP) and chief financial officer (CFO), will resign from his position to accept another CFO position, effective July 30, 2015.
Speetzen will continue to serve as Xylem's CFO through the company's second-quarter earnings announcement and 10-Q filing at the end of the month. Likewise, Shashank Patel, a 19-year veteran of Xylem and its former parent, will serve as interim CFO while the company conducts a search for a permanent successor.
Patel currently serves as CFO and VP, Finance for Xylem's Applied Water Systems division, where he leads financial planning, accounting and controls for this global business. Since 1996, he has served in a number of leadership roles in finance, operations and engineering at the company.
"It has been a privilege to work alongside such a dedicated and talented team of people," said Speetzen. "Xylem is in a strong financial position, and I firmly believe that its valuable global brands, products and world-class distribution will support the long-term strategy of the company."
Xylem also announced preliminary results for the quarter ending June 30, 2015. The company expects to report revenue of $920 million and earnings per share of $0.41 and adjusted earnings per share of $0.43. It will report its complete second-quarter results on July 30, 2015.
Xylem (XYL) is a global water technology provider, enabling customers to transport, treat, test and efficiently use water in public utility, residential and commercial building services, industrial and agricultural settings. The company does business in more than 150 countries through a number of market-leading product brands, and its people bring broad applications expertise with a strong focus on finding local solutions to the world’s most challenging water and wastewater problems. For more information, visit www.xyleminc.com.