HVAC Breaking News

Jan. 13, 2014: Watts Water Technologies Announces Departure of CEO

Interim President and Chief Executive Officer Is Named

NORTH ANDOVER, Mass. — Watts Water Technologies Inc. has announced that David J. Coghlan has resigned from his positions as president, chief executive officer, and director of the company and that the board of directors has named Dean P. Freeman, currently the company’s executive vice president and chief financial officer, as interim president and chief executive officer.

Coghlan is leaving the company to become a partner in a private investment firm but will remain with the company in a non-executive advisory role through the end of January to assist with the transition. The board of directors has retained the firm of Crist Kolder Associates to conduct a search for the company’s next chief executive officer, which will include assessment of internal as well as external candidates.

Having served as the company’s executive vice president and chief financial officer since 2012, Freeman has overseen all of the company’s global financial matters. He has played a key role, along with the global management team, in defining and driving the company’s growth strategy. Since he joined the business as chief financial officer, the company has expanded its revenue growth, strengthened its market position, and seen improved shareholder returns. Freeman will retain his responsibilities as chief financial officer during the period in which he serves as interim president and chief executive officer.

“We regretfully accept David’s resignation and thank him for his service to the company and wish him well in his new career,” said John McGillicuddy, chairman of the board. “Watts Water is a strong company and we have a strong transitional leadership plan that will continue to focus our efforts on driving the company’s strategic plan for growth, operational excellence, and one Watts Water. As we move forward, we are pleased to have a proven leader with Dean’s strong credentials to act as our interim chief executive officer.”

Coghlan said, “I am very proud of the progress we have made and the results we have achieved in my years with the company. Watts Water has a very talented leadership team supported by a dedicated and customer-focused workforce and I believe it is well positioned for a strong future. I have had the pleasure of getting to know Dean Freeman over the past year and I believe he is a proven business leader and I fully support his selection as interim chief executive officer.”

Freeman joined Watts Water in October 2012 and was appointed executive vice president and chief financial officer in November 2012. He previously served as senior vice president of finance and treasurer of Flowserve Corp. from October 2009 to October 2011. Also while at Flowserve, Freeman served as vice president, finance and chief financial officer of the Flowserve Pump Division from 2006 to October 2009. Flowserve is a leading provider of fluid motion and control products and services, producing engineered and industrial pumps, seals and valves as well as a range of related flow management services. Prior to Flowserve, Freeman served as chief financial officer, Europe for The Stanley Works Corp. He also served in financial executive and management roles of progressive responsibility with United Technologies Corp. and SPX Corp.

Watts Water Technologies, through its subsidiaries, is a leader in the manufacture of products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications. For more information, visit www.wattswater.com.

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