Hubbell Announces Leadership Succession
10 9월 2020 - 6:05AM
David G. Nord to retire as Chief Executive
Officer
Gerben W. Bakker Named President and Chief
Executive Officer
Hubbell Incorporated (“Hubbell” or the
“Company”) reported today that David G. Nord has announced his
retirement as Chief Executive Officer of Hubbell Incorporated
effective October 1, 2020. In connection with Mr. Nord’s
retirement, the Hubbell Incorporated Board of Directors also
announced that Gerben W. Bakker will succeed Mr. Nord as President
and Chief Executive Officer, effective October 1, 2020. Mr. Bakker
will also join the Hubbell Board at that time. These
leadership changes are the product of the Board’s executive
succession planning process and its transition planning with both
Mr. Nord and Mr. Bakker. Mr. Nord will continue to serve as
Hubbell’s Executive Chairman of the Board until the Company’s 2021
annual meeting in May to provide his continuing guidance and
expertise, as well as to ensure a smooth transition.
Mr. Bakker was named President and Chief
Operating Officer (COO) of Hubbell in June of 2019, after serving
as President of the Power Systems group since 2014. During his
tenure as COO, Mr. Bakker introduced a new operating rhythm to the
enterprise while executing on Hubbell’s strategic initiatives and
partnering closely with Mr. Nord to guide Hubbell through the
COVID-19 pandemic. As President of Power Systems, Mr. Bakker
oversaw a multi-year period of strong performance, building an
industry-leading electrical T&D components business and leading
many key acquisitions, including Aclara, in 2018. Mr. Bakker began
his career with Hubbell Incorporated in 1988 as a manufacturing
engineer with Hubbell Wiring Systems and has held positions of
increasing leadership around the world in both Hubbell’s utility
and electrical segments.
“I am proud of all that we have accomplished
together during my tenure at Hubbell, and I am confident that this
is the right time for this transition,” Mr. Nord commented. “I know
the Company is in good hands with Gerben as its new CEO. The
Hubbell Board of Directors selected Gerben for this role because of
his proven leadership, strategic vision, and ability to deliver
strong results for the enterprise. He is a strong, highly capable
leader who I am confident will continue to build on a proven track
record of success for Hubbell’s customers, shareholders and
employees.”
Anthony Guzzi, Lead Independent Director of
Hubbell, said “On behalf of the entire Board, I would like to thank
Dave for his 15 years of service to Hubbell. Dave’s leadership
enabled Hubbell to solve critical infrastructure problems for its
customers and deliver strong financial returns for its
shareholders, while simplifying Hubbell’s capital structure and
building a strong leadership team for the future. Dave led
Hubbell through a period of significant growth by overseeing a
well-structured and strategic acquisition program that was
rigorous, balanced and enhanced Hubbell’s competitive position
across a variety of sectors, including establishing its leadership
position within the utility industry. Most recently, Dave’s
leadership in navigating Hubbell through the ongoing COVID-19
pandemic has been exceptional, and I am highly confident that the
strategic, proactive response of the Company under his stewardship
will result in a stronger Hubbell over the long term. I would like
to congratulate Gerben on his new role and look forward to him
building on Hubbell’s proud tradition as he guides the Company into
the future.”
“It is truly a privilege to be named to this
position,” said Mr. Bakker. “Throughout my more than 30 year career
at Hubbell, I have experienced firsthand the strength of our
people, products and long-term customer relationships. I look
forward to building on the strong foundation that Dave established
for Hubbell and continuing to deliver for Hubbell’s many
stakeholders.”
FORWARD LOOKING STATEMENTS
Certain statements contained herein may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These include
statements about management’s good faith expectations and belief.
These statements may be identified by the use of forward-looking
words or phrases such as “believe”, “expect”, “anticipate”, “plan”,
“estimated”, “target”, “should”, “could”, “may”, "subject
to", “continues”, “growing”, “projected”, “if”,
“potential”, “will likely be”, and similar words and phrases. Such
forward-looking statements are based on our current expectations
and involve numerous assumptions, known and unknown risks,
uncertainties and other factors which may cause actual and future
performance or the Company’s achievements to be materially
different from any future results, performance, or achievements
expressed or implied by such forward-looking statements.
Important factors, among others, that could cause the Company’s
actual results and future actions to differ materially from those
described in forward-looking statements are described in the
Company’s filings with the Securities and Exchange Commission,
including without limitation the “Business”, “Risk Factors”, and
“Quantitative and Qualitative Disclosures about Market Risk”
sections of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2019 and any subsequently filed Quarterly Report
on Form 10-Q.
ABOUT HUBBELL
Hubbell Incorporated is an international
manufacturer of high quality, reliable electrical and utility
solutions for a broad range of customer and end market
applications. With 2019 revenues of $4.6 billion, Hubbell
Incorporated operates manufacturing facilities in the United States
and around the world. The corporate headquarters is located
in Shelton, CT.
Contact: Dan Innamorato
Hubbell Incorporated
40 Waterview Drive
P.O Box 1000
Shelton, CT 06484
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