RYE BROOK, N.Y. (July 13, 2015) – Xylem Inc., a global water technology company, announced that Michael T. Speetzen, senior vice president and chief financial officer, has resigned his position with the company to accept another chief financial officer position, effective July 30, 2015. Speetzen will continue to serve as Xylem’s chief financial officer through the company’s second quarter earnings announcement and 10-Q filing on July 30, 2015.
Shashank Patel, a 19-year veteran of the company and its former parent, will serve as interim chief financial officer (CFO) while the company conducts a search for a permanent successor. Mr. Patel currently serves as CFO and Vice President, 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.
Patrick Decker, president and chief executive officer of Xylem, said, “Mike has made many valuable contributions to our business over the past six years, particularly as a key member of the management team that helped to steer the company through its spin-off from ITT. We wish him all the best in his new role.”
Speetzen said, “It has been a privilege to work alongside such a dedicated and talented team of people. 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.”
Decker continued, “I’m very pleased that Shashank Patel has agreed to step into the CFO role on an interim basis. His financial expertise and deep operational knowledge of the Company will enable a seamless transition.”
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. Xylem will report its complete second quarter results on July 30, 2015. Reconciliation for the non-GAAP item can be found at the end of this release.
Xylem 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.