LIBERTY LAKE, Wash.--(BUSINESS WIRE)--
Itron, Inc. (NASDAQ: ITRI), announced today that Mark Schmitz, the
company's executive vice president and chief financial officer (CFO)
since September 2014, will be stepping down from the position, effective
immediately. The company has engaged a firm to conduct an external
search for qualified candidates to fill the position. During the
transition, Robert Farrow, Itron's current vice president, strategic
planning and treasury, will serve as interim CFO of the company until
the search for a permanent replacement is complete. Schmitz will remain
available for one month to ensure a smooth transition during the first
quarter accounting close.
"During Mark's tenure as CFO, he was instrumental in helping Itron begin
its business transformation to a more predictable, profitable and
growing company," said Philip Mezey, Itron's president and chief
executive officer. "The board and I would like to thank Mark for his
many contributions, and we wish him the best in his future endeavors."
"As Itron continues its business transformation, we are seeking an
executive finance leader who builds upon Itron's strong financial
foundation as we develop a nimble finance organization focused on
enabling our corporate strategy and achieving our next phase of growth,"
Robert Farrow will serve as interim CFO. Farrow, age 59, joined Itron in
October 2015 with 35 years of finance and treasury experience. Before
joining the company, he served as vice president, financial services and
treasury and as corporate treasurer for Alghanim Industries, which he
joined in June 2009. From 1994 to 2009, Farrow held positions of
increasing responsibility in finance and treasury at General Electric,
including CFO of GE Hydro.
"We are fortunate to have Rob, a highly qualified finance professional,
on staff to serve as our interim CFO while we recruit Mark's
replacement," said Mezey. "Rob will lead the internal efforts currently
underway to ensure that we are improving predictability, profitability
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.
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.
This Press Release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements relate to the Chief Financial Officer transition and other
statements that are not historical fact. Although we believe the
assumptions upon which these forward-looking statements are based are
reasonable, any of these assumptions could prove to be inaccurate and
the forward-looking statements based on these assumptions could be
incorrect. Actual results may differ materially from those suggested or
implied by the forward-looking statements depending on a variety of
factors. Some of these factors include our ability to conduct an
executive search, our ability to identify and attract a successor to the
Chief Financial Officer and other risk factors discussed in Itron,
Inc.'s filings with the Securities and Exchange Commission. We undertake
no obligation to update any information contained in this Press Release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170328005607/en/
Sharelynn Moore, 509-891-3524
President, Global Marketing and Public Affairs
Source: Itron, Inc.
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