Global water technology company Xylem announced that its president and CEO Patrick Decker has shared his plans to retire as CEO at the end of 2023.
Decker will be succeeded by Matthew Pine, Xylem’s Chief Operating Officer, effective January 1, 2024. At that time, Decker will retire from Xylem’s Board and Pine will join as a Director. Xylem said that Decker and Pine will work closely together to ensure a smooth transition.
“Xylem is an outstanding company with an exceptionally talented and purpose-driven team,” said Pine. “I am humbled and excited to have the opportunity to build on the strong foundation, momentum and long-term trajectory created under Patrick’s leadership. As we integrate two great companies – Xylem and Evoqua – the whole team is committed to helping our customers address intensifying global water challenges by applying the power of technology and innovation, driving the digital transformation of water, and delivering solutions at scale.”
Xylem had completed its acquisition of Evoqua for $7.5 billion in May 2023.
Xylem has also appointed William Grogan, formerly Chief Financial Officer of IDEX Corporation, to Senior Vice President and Chief Financial Officer, effective October 1, 2023. Grogan succeeds Sandra Rowland who is leaving to pursue new and different opportunities. Both Decker and Rowland will remain employed through March 2024 to serve as advisors and support the transitions.
“With Patrick’s decision to retire, we have the privilege of making these executive appointments as Xylem’s strength, performance and momentum continue to rise,” said Robert Friel, chair of Xylem’s Board. “The Board unanimously agrees that Matthew is the right leader to drive the next chapter of value creation at Xylem. Matthew brings a strategic, global mindset and deep operational capability, and we look forward to his continued leadership in advancing the Company’s impact around the world.”
As part of the announcement, company reaffirmed its third-quarter and full-year 2023 guidance issued on August 2, 2023.
“It has been a tremendous honor to serve as CEO for nearly a decade,” said Decker. “Having worked side-by-side with Matthew for the past several years, I have full confidence he will continue Xylem’s trajectory of growth and accelerate our focus on both economic and social value creation.”
The transition of authority may not be as disrupted as that of Mueller Water Products, whose president and CEO Scott Hall had stepped down immediately in August.