LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Jan. 22, 2019--
Itron, Inc. (NASDAQ: ITRI) (“Itron” or the “Company”), which is
innovating the way utilities and cities manage energy and water, today
announced that Philip Mezey, the Company’s President and Chief Executive
Officer and a member of the Board of Directors, has informed the Board
of his intention to retire from his positions. By mutual agreement with
the Board, Mr. Mezey will continue to lead the Company as President and
Chief Executive Officer and serve as a member of its Board until August
31, 2019, or until a successor is appointed. Upon the appointment of a
successor, Mr. Mezey will remain with the Company as an advisor through
December 31, 2019, to help facilitate a seamless transition. The Board
has commenced a search process to identify the Company’s next CEO and
will evaluate both internal and external candidates. The process is
being led by a newly formed CEO Search Committee of the Board, which
will engage a nationally-recognized executive search firm to assist in
the process.
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Mr. Mezey has been a member of the Itron team since 2003, following
Itron’s acquisition of Silicon Energy, where Mr. Mezey began serving in
2000. He was appointed CEO in January 2013. Over the course of his
tenure as CEO, Itron has strengthened its position as a leading provider
of technology and services solutions to utilities and cities globally,
accelerated its pace of innovation and streamlined its operations
footprint and efficiency.
Mr. Mezey said, “It’s been a tremendous honor to have been part of the
Itron family for the past 18 years and to have led the Company over the
last six years on a journey to an improved strategic, operational and
financial position. Itron has grown from being a leader in Automated
Meter Reading to an innovator in Advanced Metering Infrastructure,
Distribution Automation, Street lighting, and emerging IoT sensing. With
the recent acquisition of Silver Spring Networks, we have strengthened
our position in wireless networking and distributed energy management
and are well positioned to continue to drive long-term value for our
customers, partners, employees and shareholders. With the strategy, plan
and team firmly in place, and with the majority of our operational
improvement initiatives behind us, I felt that now was the right time
for me pass the baton to the next leader, who will continue to improve
on what we have built.”
Lynda Ziegler, chairman of the Board of Directors, said, “Under Philip’s
leadership, Itron has become an industry leader with 8,000 customers
worldwide and 190 million smart communicating devices deployed globally.
On behalf of the Board, the management team and our 8,000 employees, we
thank Philip for his dedication and leadership over nearly 18 years of
service to Itron, including as President and CEO for the past six years.
Leadership succession is one of the most important functions for any
Board, and we are moving into a new phase of a deliberate and thoughtful
process to identify the next CEO of Itron. We appreciate Philip’s
continuing leadership as we work to select a successor to advance our
transformation, support our innovative culture and continue delivering
value to customers and shareholders.”
About Itron
Itron enables utilities and cities to safely, securely and reliably
deliver critical infrastructure services to communities in more than 100
countries. Our portfolio of smart networks, software, services, meters
and sensors helps our customers better manage electricity, gas and water
resources for the people they serve. By working with our customers to
ensure their success, we help improve the quality of life, ensure the
safety and promote the well-being of millions of people around the
globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party
trademarks are property of their respective owners and any usage herein
does not suggest or imply any relationship between Itron and the third
party unless expressly stated.
Forward-Looking Statements
This release contains forward-looking statements within in the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements relate to our expectations about revenues, operations,
financial performance, earnings, earnings per share and cash flows.
Although we believe the estimates and assumptions upon which these
forward-looking statements are based are reasonable, any of these
estimates or assumptions could prove to be inaccurate and the
forward-looking statements based on these estimates and assumptions
could be incorrect. Our operations involve risks and uncertainties, many
of which are outside our control, and any one of which, or a combination
of which, could materially affect our results of operations and whether
the forward-looking statements ultimately prove to be correct. Actual
results and trends in the future may differ materially from those
suggested or implied by the forward-looking statements depending on a
variety of factors. Some of the factors that we believe could affect our
results include our ability successfully to execute our leadership
transition plan, our ability to achieve estimated cost savings, the rate
and timing of customer demand for our products, supply chain
disruptions, tariffs, rescheduling of current customer orders, changes
in estimated liabilities for product warranties, adverse impacts of
litigation, changes in laws and regulations, our dependence on new
product development and intellectual property, future acquisitions,
changes in estimates for stock-based and bonus compensation, increasing
volatility in foreign exchange rates, international business risks and
other factors that are more fully described in our Annual Report on Form
10-K for the year ended December 31, 2017 and other reports on file with
the Securities and Exchange Commission. Itron undertakes no obligation
to update or revise any information in this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190122005294/en/
Source: Itron, Inc.
Itron, Inc.
Kenneth P. Gianella, 669-770-4643
Vice
President, Investor Relations