KENT, Wash., Feb. 2 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOW), the world's leading developer and manufacturer
of industrial waterjet machines used for cutting and cleaning applications
around the world, announced that it intends to discuss its planned
leadership transition on a conference call today with the investment
community, in conjunction with the Company's releasing its year-to-date
fiscal 2007 results. As part of the leadership transition, Stephen R. Light
plans to retire as Flow's President and Chief Executive Officer upon
appointment of a successor. The Board of Directors has retained the
services of executive search firm Korn/Ferry International and a CEO search
is underway.
"I am extremely proud of all that we've accomplished as an organization
since I joined the Company in January 2003," Mr. Light commented. "I came
to Flow for the purpose of relieving its then-enormous debt load, reversing
the precipitous decline in sales, returning the Company to sustained
profitability, and rebuilding lender and investor credibility. Through the
dedication and sacrifice of everyone at Flow, we have accomplished all of
these goals, and more.
"In May and July of 2006, the Company's Board and management met, as we
do annually, to review our strategic plan for the coming five years. As a
result of this annual process, Flow has a robust strategic plan and a clear
path to our five year goal of becoming a highly profitable $500 million
business. During that process this past year, it became obvious to me that
many of the projects we were embarking on will require several years to
implement. These projects include our new systems backbone, our mergers and
acquisitions work, our strategic alliances with major equipment producers,
our penetration of as- yet untapped markets in places such as India, the
Middle East, and Eastern Europe, and of course our aggressive new product
development and introduction schedule.
"My intent has been to retire from Flow at the end of Flow's 2008
fiscal year. I realized that my time horizon was shorter than many of these
projects and as a result, I began the discussion with the board about
selecting an appropriate successor to guide the company through these long
term opportunities. Now with a solid and experienced management team in
place, and terrific market position, I believe it's time for me to step
aside and allow the Board to bring on a successor who can see these many
long-range initiatives through to fruition.
"Despite my decision to retire from Flow, I am dedicated to ensuring
that this transition is executed as flawlessly as possible. With my
departure from the Company in mind, I have worked extensively with the
Board over the past 9 months to develop a sensible strategy to transition
the executive leadership. We recognized that any succession plan would
require that we fill out the highest levels of our organization with
executives who can execute our plans and run the day to day business of the
company, not only at our headquarters in Kent but across all of our
geographies. We've made very good progress in hiring that seasoned talent.
In addition, of the 90 open positions we announced back in April 2006,
nearly two thirds have been filled. I look forward to continuing to work
with the Board to ensure that we bring on the right executive who has the
vision and the skills to lead this expanding organization in its next stage
of growth."
Kathy Munro, Flow's Chairman of the Board, added, "Under Stephen's
leadership, Flow quickly transformed itself from a far-flung organization
of many disparate operations under a crushing debt load, to a mostly
debt-free operation built around a single core waterjet pump technology. He
established solid credibility with investors, lenders, and his internal
organization on the basis of his fulfillment of commitments and operational
execution skills. We are extremely grateful for all of Stephen's tireless
efforts at Flow and thank him for his initiative in helping us craft a
strategy for executive succession. Working with Stephen, we intend to bring
on a successor who can pick up where he leaves off, capturing the vision to
see all of the growing opportunities for Flow's unique technology."
The Company stated that a search for the next CEO is ongoing and that
Mr. Light would anticipate stepping down from his role shortly after a
successor is appointed, Mr. Light's successor will assume his position on
the Flow Board.
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet cutting technology to
industries including automotive, aerospace, job shop, surface preparation,
and more. For more information, visit http://www.flowcorp.com.
This press release contains forward-looking statements relating to
future events or future financial performance that involve risks and
uncertainties. The words "believe," "expect," "intend," "may,"
"anticipate," variations of such words and similar expressions identify
forward-looking statements but their absence does not mean that the
statement is not forward-looking. These statements are only predictions and
actual results could differ materially from those anticipated in these
statements based on a number of risk factors, including those set forth in
the January 30, 2007 Flow International Corporation Form 10-K/A filed with
the Securities and Exchange Commission. Forward-looking statements in this
press release include, without limitation, statements that the Company has
a strategic plan and goal of becoming a $500 million business, the Mr.
Light and the Board will ensure that they bring on the right executive who
will capture the vision for the Company and that Mr. Light will step down
shortly after his successor is named. Readers are cautioned not to place
undue reliance on these forward-looking statements that speak only as of
the date of this announcement.
Contact: Flow Investor Relations
253-813-3286
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com
CONTACT:
Flow Investor Relations, +1-253-813-3286
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