Xylem CFO resigns for new opportunity

July 15, 2015

RYE BROOK, N.Y. — Company veteran Shashank Patel will serve as interim CFO until a permanent successor is found.

RYE BROOK, N.Y. — Michael (Mike) T. Speetzen, Xylem Inc.’s senior vice president and chief financial officer (CFO) will leave the company July 30 for the CFO position of another company, according to a press release.

Xylem veteran Shashank Patel will serve as interim CFO until a permanent successor is found, noted the release. Patel has been with the company for 19 years, and he currently serves as CFO and vice president for Xylem’s Applied Water Services division.

"Mike has made many valuable contributions to our business over the past six years, particularly as a key member of the management team that helped to steer the company through its spin-off from ITT. We wish him all the best in his new role," said Patrick Decker, Xylem president and CEO, in the release. "I’m very pleased that Shashank Patel has agreed to step into the CFO role on an interim basis. His financial expertise and deep operational knowledge of the Company will enable a seamless transition."

Speetzen shared in the release, "It has been a privilege to work alongside such a dedicated and talented team of people. Xylem is in a strong financial position and I firmly believe that its valuable global brands, products and world-class distribution will support the long-term strategy of the company."

Xylem reported preliminary results for the quarter ending June 30, stated the release. It expects to report $920 million in revenue.

You can find the entire release here.

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