Flowserve Corporation said on Monday it has appointed former Cameron Group CEO R. Scott Rowe as its new president and chief executive officer.
The Dallas-based company said Rowe’s appointment will be effective as of April 1, 2017.
Rowe will also join the Flowserve Board of Directors.
Rowe will succeed Mark Blinn, who previously announced his intention to retire.
Blinn will step down from the Flowserve Board effective March 31.
Flowserve is a leading provider of flow control products and services for the global infrastructure markets.
The company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
According to a Securities and Exchange Committee filing, Rowe has been offered a $1.1 million annual salary.
Rowe will also be eligible for a cash award under the company’s annual incentive plan with a target award of 120 percent of his base salary “based on the achievement of performance goals,” Flowserve said in the filing.
Rowe will also participate in the company’s long term incentive program with a target award of 500 percent of his base salary.
The company said that Rowe will bring nearly 20 years of senior leadership and operational experience in the industry to Flowserve.
“Scott is a highly accomplished executive with a proven track record of success in operational excellence and driving superior results throughout business cycles,” Flowserve’s chairman of the board of directors William C. Rusnack said.
Rowe most recently served as President of the Cameron Group, a position he assumed in April 2016 following the merger between Schlumberger and Cameron International Corporation.
While at Cameron, Rowe also served as President and CEO, President and COO, CEO of the OneSubsea Division, President of the Subsea Systems Division, President of the Engineered & Process Valves Division and President of the Process Valves & Aftermarket Division.
Prior to joining Cameron in 2002, Rowe was a Project Manager at Varco International.
Rowe also previously served in the U.S. Army.
Rowe holds a bachelor of science in engineering management from the United States Military Academy at West Point and an MBA from Harvard Business School.
