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[July 2006]
Jacuzzi Brands Confirms New President and CEO
Jacuzzi Brands Inc (West Palm Beach, FL, USA) has announced the appointment of Alex Marini as the Chief Executive Officer of the company, effective 31 August 2006. Mr Marini will succeed David Clarke, Jacuzzi Brands' CEO, who is retiring. Mr Clarke will also retire as Chairman and a member of the Board of Directors effective 30 September 2006, at which time the Board intends to appoint an existing member as Non-Executive Chairman.
Mr Marini joined Zurn, the company's Commercial Plumbing Products business, in 1969 and was named President of Zurn in 1996. Under Mr Marini's direction, Zurn has become one of the commercial plumbing industry's most respected and successful companies.
David Clarke said: "Over the last year, Al Marini has demonstrated his potential to assume the responsibilities of CEO. He has brought to the Bath segment the same enthusiasm, business acumen, and creativity that generated outstanding financial results at Zurn over the last several years. While there is still work to be done at the Bath segment, Al and his team have already made tremendous progress. Importantly, he has garnered the trust and respect of our employees, suppliers and customers.
"At the time of Al's appointment to President and Chief Operating Officer of Jacuzzi Brands, I agreed to suspend my previously announced retirement in order to promote continuity in operations and strategic initiatives. I will work closely with Al and the Board throughout the summer to ensure a smooth transition. While I will be leaving Jacuzzi Brands to devote full time to my personal interests, I remain fully optimistic about this Company's prospects and intend to remain a shareholder."
Mr Marini commented: "I am grateful to David and the Board for the opportunity to assume this expanded role, and am excited by the prospects to further strengthen Jacuzzi Brands presence in the various 'water' markets that our Company serves. While our immediate focus is the continued improvement of the Bath business and continued growth at Zurn, we will also continue to review strategic alternatives as part of our overall strategy to enhance long-term shareholder value. I also want to thank the numerous Zurn associates with whom I have served over the past 37 years. Under David's leadership, Jacuzzi Brands has undergone a significant transformation centered around water technology. I believe that there are substantial opportunities to expand this platform in related water businesses. I am fortunate to have a solid foundation, consisting of a talented team of managers, a widely-recognized portfolio of brands in attractive market segments, and a balance sheet that is the strongest in the Company's history.
"Over the last year, the team we have assembled at Jacuzzi Brands has created significant momentum. We have worked together to strengthen our customer relationships and maintain leading positions in numerous market segments. We are maintaining a focus on lower-cost foreign sourcing initiatives at the Bath business, applying many of the same principles that Zurn has employed for nearly 30 years. We have also made great strides in introducing innovative products focused on the restorative properties of water, and feature-rich, user-friendly products for professional contractors."
www.jacuzzibrands.com
ENDS