CIRCOR's CEO Sets Retirement Date and Transition Plan
August 22 2007 - 10:17AM
PR Newswire (US)
BURLINGTON, Mass., Aug. 22 /PRNewswire-FirstCall/ -- CIRCOR
International (NYSE:CIR) announced today that its Chairman and
C.E.O., David A. Bloss, Sr., has decided to retire from his C.E.O.
responsibilities effective March 1, 2008. Mr. Bloss will continue
as Chairman of the Company's Board of Directors for up to one year
as part of an executive transition agreement. CIRCOR also disclosed
its intention to appoint its current President and C.O.O., William
(Bill) Higgins to the additional post of C.E.O. upon Mr. Bloss'
retirement. Mr. Bloss, age 57, began his affiliation with CIRCOR in
1993 when he joined Watts Water Technologies (NYSE:WTS) as
Executive Vice President, Operations, then its President before the
spin-off and creation of CIRCOR in October, 1999. Mr. Higgins
joined CIRCOR as Executive Vice President, and C.O.O. in January,
2005 and was promoted to President and C.O.O. in November, 2006.
Previously, Mr. Higgins held a variety of senior management
positions over a span of thirteen years with Honeywell
International and Allied Signal, with his last assignment as Vice
President and General Manager, Americas for the Honeywell Building
Solutions business. Commenting on the announcement, Mr. Bloss
stated, "Over the past 15 years, I have had the privilege to help
CIRCOR build a strong position within the fluid control industry
and most recently to initiate a transformation toward operational
excellence. With this endeavor came the responsibility to build a
strong executive team as a foundation for its future growth and
management succession. I believe that now is the appropriate time
for me to step aside from my day-to-day responsibilities while
continuing to support this team as I transition into retirement."
Mr. Bloss further stated, "Bill Higgins joined the Company to lead
our transformation toward operational excellence and has done an
exceptional job in upgrading and training our business teams and
changing our operational methods. I am confident that under his
leadership the company will achieve a new level of performance."
CIRCOR International, Inc. is a leading provider of valves and
fluid control products that allow customers around the world to use
fluids safely and efficiently in the aerospace, instrumentation,
fluid regulation and energy markets. CIRCOR's executive
headquarters is located at 25 Corporate Drive, Burlington, MA
01803. The Company can be found on the World Wide Web at
http://www.circor.com/. This press release contains certain
statements that are "forward-looking statements" as that term is
defined under the Private Securities Litigation Reform Act of 1995
(the "Act") and releases issued by the Securities and Exchange
Commission (SEC). The words "may," "hope," "should," "expect,"
"plan," "anticipate," "intend," "believe," "estimate," "predict,"
"potential," "continue," and other expressions which are
predictions of or indicate future events and trends and which do
not relate to historical matters identify forward-looking
statements. We believe that it is important to communicate our
future expectations to our stockholders, and we, therefore, make
forward-looking statements in reliance upon the safe harbor
provisions of the Act. However, there may be events in the future
that we are not able to accurately predict or control, and our
actual results, performance or achievements may differ materially
from the expectations we describe in our forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, the cyclicality and
highly competitive nature of some of our end markets, changes in
the price of and demand for oil and gas in both domestic and
international markets, variability of raw material and component
pricing, fluctuations in foreign currency exchange rates, and our
ability to continue operating our manufacturing facilities at
efficient levels and to successfully implement our acquisition
strategy. We advise you to read further about these and other risk
factors set forth under the caption "Certain Risk Factors That May
Affect Future Results" in our SEC filings. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. DATASOURCE: CIRCOR International CONTACT: Kenneth W.
Smith, Chief Financial Officer, CIRCOR International,
+1-781-270-1200 Web site: http://www.circor.com/
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