LIBERTY LAKE, Wash.--(BUSINESS WIRE)--
Itron, Inc. (NASDAQ:ITRI) announced today that W. Mark Schmitz has been
appointed executive vice president (EVP) and chief financial officer
(CFO), effective immediately.
Schmitz joins Itron with 40 years of experience in finance and executive
leadership roles across the manufacturing, service, retail and
technology industries. He most recently served as the CFO of Alghanim
Industries, a global, multi-industry corporation headquartered in
Kuwait. During his tenure at Alghanim, he initiated new growth
strategies for the company and built a world-class team with a culture
of business engagement to help drive company performance. He previously
served as CFO at several other global corporations, including The
Goodyear Tire and Rubber Co., Tyco International Limited's Worldwide
Fire and Security Segment and Plug Power Inc. In addition, he held a
number of financial leadership roles at General Motors over 25 years.
"Mark is an accomplished executive with a proven track record of
success, including leading the finance organizations at several large,
global manufacturers," said Philip Mezey, Itron president and chief
executive officer. "His experience developing and executing business and
financial strategies will be valuable to Itron as we position our
company for accelerated profitable growth with a greater focus on a full
range of technology and services, creating even more value for our
customers and shareholders. We are confident that Mark will help drive
our business to the next level."
"Itron has several important strategic initiatives underway and I am
excited to join the company and help oversee the successful
implementation of these efforts," said Schmitz. "I look forward to
working closely with Philip and the talented Itron team to contribute to
the company's growth and success."
Schmitz succeeds Steven Helmbrecht as Itron's CFO. Helmbrecht joined the
company in 2002 and was named CFO in 2005. On April 24, 2014, Itron
announced Helmbrecht's departure from the company. He will remain with
Itron through December 31, 2014 to facilitate a smooth transition.
Mezey added, "On behalf of Itron's Board of Directors and management
team, I want to thank Steve for his leadership and contributions to
Itron and the finance organization during his tenure."
About Itron
Itron is a world-leading technology and services company dedicated to
the resourceful use of energy and water. We provide comprehensive
solutions that measure, manage and analyze energy and water. Our broad
product portfolio includes electricity, gas, water and thermal energy
measurement devices and control technology; communications systems;
software; as well as managed and consulting services. With thousands of
employees supporting nearly 8,000 customers in more than 100 countries,
Itron applies knowledge and technology to better manage energy and water
resources. Together, we can create a more resourceful world. Join us: www.itron.com.
Forward Looking Statements
This release may contain forward-looking statements concerning our
expectations about operations, financial performance, sales, earnings
and cash flows. These statements reflect our current plans and
expectations and are based on information currently available. The
statements rely on a number of assumptions and estimates, which could be
inaccurate, and which are subject to risks and uncertainties that could
cause our actual results to vary materially from those anticipated.
Risks and uncertainties include the rate and timing of customer demand
for our products, rescheduling of current customer orders, changes in
estimated liabilities for product warranties, 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, 2013 and other reports on file with the Securities and Exchange
Commission. Itron undertakes no obligation to update publicly or revise
any forward-looking statements, including our business outlook.
Itron, Inc.
Vice President, Corporate Marketing and Public
Affairs
Sharelynn Moore, 509-891-3524
sharelynn.moore@itron.com
or
Vice
President, Investor Relations
Barbara Doyle, 509-891-3443
Barbara.doyle@itron.com
Source: Itron, Inc.
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