Jacuzzi (NYSE:JJZ)
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From Jun 2019 to Jun 2024
Jacuzzi Brands, Inc. (or "the Company") today announced
the appointment of Alex P. Marini as Chief Executive Officer of the
Company, effective August 31, 2006. Mr. Marini will succeed David H.
Clarke, Jacuzzi Brands' Chief Executive Officer, who is retiring. Mr.
Clarke will also retire as Chairman and a member of the Board of
Directors effective September 30, 2006, at which time the Board
intends to appoint an existing member as Non-Executive Chairman.
Mr. Marini, 59, was named President and Chief Operating Officer of
Jacuzzi Brands in August 2005. He 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 H. Clarke, 65, stated, "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."
Mr. Clarke continued, "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."
Mr. Marini continued, "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."
About Jacuzzi Brands
Jacuzzi Brands, Inc. through its subsidiaries, is a global
manufacturer and distributor of branded bath and plumbing products for
the residential, commercial and institutional markets. These include
whirlpool baths, spas, showers, sanitary ware and bathtubs, as well as
professional grade drainage, water control, commercial faucets and
other plumbing products. Its products are marketed under its portfolio
of brand names, including JACUZZI(R), SUNDANCE(R), ZURN(R), and
ASTRACAST(R). Learn more at www.jacuzzibrands.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including the Company's current expectations with respect to future
market conditions, future operating results and other plans. Words
such as "expects," "intends," "anticipates," "plans," "projects,"
"probably," "believes," "estimates," "may," "will," "should," "shall,"
and similar expressions typically identify such forward-looking
statements. Even though the Company believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. In particular, various economic and competitive factors,
including those outside our control, such as interest rates, foreign
currency exchange rates, inflation rates, instability in domestic and
foreign financial markets, acts of war, terrorist acts, outbreaks of
new diseases, consumer spending patterns, energy costs and
availability, freight costs, availability of consumer and commercial
credit, adverse weather, levels of residential and commercial
construction, changes in raw material and component costs, and the
credit worthiness of our customers, insurers, and investees, and other
factors contained in the Company's filings with the Securities and
Exchange Commission could cause our actual results in fiscal 2006 and
in future years to differ materially from those expressed in this
press release.