Xylem Inc., a leading global water technology company, has appointed Steven Loranger as interim chief executive officer and president, effective immediately. Loranger was chairman, president and CEO of ITT Corp. when it spun its water businesses off as Xylem in October 2011. He currently serves as a director of Xylem and succeeds Gretchen McClain, who has stepped down as president and CEO and as a director to pursue other opportunities. The board of directors is initiating a search for the next CEO.
“Steve is an industry veteran who is quite familiar with Xylem’s business,” said Markos Tambakeras, Xylem’s chairman of the board. “He knows the challenges we are facing and understands the tremendous potential of this business. He is well suited to provide the leadership Xylem needs to transition smoothly to the next stage of its evolution. We are determined to refine and sharpen our strategic focus in order to position the company for growth in our dynamic industry. We are initiating a comprehensive search to identify the best candidate to serve as our CEO over the longer term.
“On behalf of the entire board, I would like to thank Gretchen for her dedication and leadership as the CEO of Xylem,” Tambakeras said. “Gretchen has guided the company since its spin-off from ITT and has been an important member of the Xylem management team. We wish her the very best in her future endeavors.”
From the time of Xylem’s spin-off from ITT Corp. in October 2011, Loranger has served as a director and chairman Emeritus of the board of directors in recognition of his long-standing service as the chairman, president and CEO of ITT Corp., former parent company of Xylem Inc.
Prior to joining ITT, Loranger served as executive vice president and chief operating officer of Textron.
“I am energized by the opportunity to lead Xylem during this important period as the board conducts its search for our next CEO,” Loranger said. “I look forward to working with the board, our management team and Xylem’s talented employees around the world to leverage the strength of all our assets to grow our business and drive stronger performance.”
Xylem reaffirmed its previously issued full-year 2013 outlook. The company’s full-year revenues are expected to be approximately $3.7 billion, and adjusted net income is expected to be in the range of $260 to $279 million, or $1.40 to $1.50 per share.
Headquartered in White Plains, N.Y., Xylem is a water technology provider that enables customers to transport, treat, test and efficiently use water in public utility, residential and commercial building services, industrial and agricultural settings.