– USA, WA – Fortive Corporation (NYSE: FTV), today announced the appointments of Mark D. Morelli as President & CEO and David H. Naemura as CFO of NewCo, a global industrial company that Fortive previously announced it will form as part of its planned separation into two independent, publicly-traded companies.
Both Mr. Morelli and Mr. Naemura will assume their respective roles with NewCo in the first quarter of 2020.
Fortive also announced its intention to appoint Karen C. Francis as the Chair of the Board of Directors of NewCo immediately prior to NewCo becoming a public company. Fortive continues to expect to complete the separation in the second half of 2020.
“We are excited to make today’s announcement with respect to NewCo’s leadership,” said Jim Lico, President & CEO of Fortive. “Mark has a proven track record of delivering strong operational results as well as driving improvements in innovation to accelerate long term growth. His successful tenure as the CEO of Columbus McKinnon Corporation (NASDAQ: CMCO) has demonstrated his strategic ability to build a company for long-term success. The combination of Mark’s long history of high performance and his understanding and appreciation of our business system will make him an outstanding steward of NewCo’s culture of continuous improvement.”
Mr. Lico continued, “Dave brings clear, proven skills across finance, strategy, operations, and accounting, as well as valuable experience from having led Gates Industrial Corporation (NYSE:GTES) through a successful initial public offering. Prior to his tenure at Gates, Dave gained significant experience as a finance leader at Danaher, developing a strong knowledge of the Danaher Business System and deploying M&A capital. Dave will have an immediate and positive impact at NewCo, driving growth and profitability and guiding capital deployment strategy.”
“We are also pleased to announce our intention to have Karen Francis serve as the Chair of the Board of Directors of NewCo,” said Mr. Lico. “With extensive board and corporate governance experience, as well as valuable knowledge and insights regarding emerging technologies and trends in the mobility market, Karen will bring thoughtful oversight and an innovative perspective to NewCo’s Board as the portfolio evolves. We look forward to her contributions.”
About Mark Morelli
Mark Morelli brings nearly 30 years of experience in management positions across a variety of industrial technology markets. He joins NewCo from the Columbus McKinnon Corporation, where he serves as President & CEO. Prior to his time at Columbus McKinnon, Morelli spent four years as President & COO of Brooks Automation. He also served as President & CEO of Energy Conversion Devices, Inc. and held leadership positions at United Technologies Corporation. Morelli is a former U.S. Army commander.
Mark Morelli stated, “NewCo will have significant competitive advantages and will be well-positioned for long-term success. This portfolio of businesses has deep roots in the Fortive Business System and will be a leading global company with exceptional brands and a strong culture. I look forward to the opportunity to lead such an established and talented team as we take advantage of the compelling opportunities ahead.”
He holds a Master of Business Administration from the Massachusetts Institute of Technology and a Bachelor of Science in Mechanical Engineering from the Georgia Institute of Technology.
About Dave Naemura
Dave Naemura brings nearly 25 years of financial leadership experience across a range of global industrial companies. He joins NewCo from Gates Industrial Corporation, where he has served as CFO for five years. Prior to his time at Gates, Naemura held numerous financial leadership positions at Danaher Corporation, including VP of Finance and Group CFO overseeing many of the businesses within the NewCo portfolio. He holds a Bachelor’s degree in Business Administration from Oregon State University.
About Karen Francis
Karen Francis is an experienced CEO and board director with a strong track record of successfully building businesses across multiple industries. Her most recent executive positions were as Chairman & CEO of AcademixDirect and Chairman & CEO of Publicis & Hal Riney. Prior to that she held executive positions in the automotive industry at General Motors as the General Manager of Oldsmobile, and later as Vice President of Ford Motor Company as Chairman & CEO of Consumer Connect, Ford’s corporate venture capital group. She served as Lead Independent Director for Telenav, provider of embedded vehicle navigation systems, and is currently an independent director for automotive and 5G technology companies, Metawave, Nauto and Wind River. Her earlier career included positions at Procter & Gamble, Internet Capital Group, and Bain & Company. She holds a Master of Business Administration from Harvard Business School and an economics degree from Dartmouth College.
Fortive is a diversified industrial technology growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. Fortive’s well-known brands hold leading positions in field solutions, product realization, sensing technologies, transportation technologies, and franchise distribution. Fortive is headquartered in Everett, Washington and employs a team of more than 25,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System.
For more information: https://www.fortive.com
NewCo will be a global industrial company focused on transportation and mobility, with a portfolio of leading retail and commercial fueling, fleet management, and professional tools brands. It will possess leading positions in a range of end-markets such as retail fueling and mobility infrastructure, fleet management and smart cities, and vehicle maintenance and repair. NewCo’s history of innovation, margin profile, and cash flow characteristics, along with its strong foundation of continuous improvement based on the Fortive Business System, are expected to support continued investment in a range of organic growth and capital deployment opportunities.
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.