Harsco CEO Patrick Decker Steps Down To Become CEO Of Xylem - Quick Facts

(RTTNews) - Diversified global industrial company Harsco Corp. (HSC) announced that Patrick Decker has stepped down as President and Chief Executive Officer and member of the Board of Directors, effective immediately, to become CEO of Xylem Inc. (XYL).

Harsco director David Everitt has been appointed Interim President and CEO and will continue as a member of the Board.

Everitt has served as a member of the Board at Harsco since 2010 and brings significant senior executive experience to his new responsibilities. During his 37-year career with Deere & Company, he served as co-Leader of the Agriculture and Turf Division, that Company's largest operating division, and also held a number of other senior leadership positions. Mr. Everitt is also a member of the Board of Directors of Gates Corporation, Brunswick Corporation and Agrium Inc.

Harsco said it will begin its search process immediately and will engage a leading executive search firm to assist in this process.

Harsco reiterated its 2014 full-year outlook. The Company expects 2014 operating income from its three business segments to increase at a low double-digit rate compared with the 2013 level, excluding special items in both periods. Remaining corporate costs previously allocated to the divested Infrastructure segment are expected to largely offset this increase. Annual Operating income is expected to range from $160 million to $180 million.

In a separate press release, Xylem Inc. announced that Patrick Decker has been named President and Chief Executive Officer, and will be appointed a member of the Board of Directors March 17. He joins the company from Harsco Corporation, where he has been President and CEO. At Xylem, Decker succeeds Steven Loranger who will remain a member of the Xylem Board. Loranger was Chairman, President and CEO of ITT Corporation when it spun its water businesses off as Xylem in October 2011.

Xylem reaffirmed the full-year 2014 outlook outlined February 4, 2014. Xylem's full-year revenues will be approximately $4 billion, and adjusted net income will be in the $345 million to $370 million range, or $1.85 to $2.00 adjusted earnings per share. Xylem expects 2014 restructuring and realignment costs to be $40 million to $50 million. Analysts polled by Thomson Reuters expect the company to report earnings of $1.96 per share and revenues of $3.96 billion for fiscal 2014. Analysts' estimates typically exclude special items.