FORT WAYNE, Ind. - The board of directors of WFI Industries Ltd. (WaterFurnace) has accepted the retirement notice of president/CEO, Bruce Ritchey, to take effect May 31, 2009. The board said Ritchey will continue in his current capacity until his successor is appointed, likely in early 2009, and will stay to ensure a smooth transition over the succeeding months.
Timothy E. Shields, chairman of the board, said, “Mr. Ritchey has been president/CEO of the company since 1998 and has built a very sound management team. He has been the CEO during a tremendous period of growth and profitability for the company which has greatly benefited the employees and shareholders.”
Shields went on to note, “We have been working with Bruce to prepare for a smooth transition for the past few years. We believe the timing of this announcement works favorably to allow us to conduct a thorough search for his replacement and effect an orderly transition of all his responsibilities. The directors of the company are currently in the process of establishing a search committee to select his successor.”
For additional information, visit www.waterfurnace.com.