Business Context and Reporting Period
This Form 8-K Current Report was filed by Flowserve Corporation on June 7, 2011. The filing addresses a significant personnel change within the company's executive leadership team.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and personnel matters.
Material Changes
On June 7, 2011, Richard J. Guiltinan, Jr., Senior Vice President Finance and Chief Accounting Officer, formally notified the company of his decision to retire in 2012. The exact retirement date has not yet been determined. Consequently, the company has initiated an external search for a new Chief Financial Officer (CFO).
Outlook, Management Commentary, and Risks
- Transition Plan: Mr. Guiltinan will continue to serve as the principal financial officer and principal accounting officer for external reporting until a new CFO is appointed.
- Timeline: Management hopes to appoint the new CFO before the end of 2011.
- Post-Appointment Role: Following the appointment, Mr. Guiltinan plans to remain with the company to facilitate an orderly transition, reporting to the new CFO.
- Other Personnel: Dean Freeman, currently in the Office of the CFO, will remain as Vice President and Treasurer after the new CFO is appointed.
Investor Verification Checklist
- Confirm the exact retirement date of Richard J. Guiltinan, Jr. once determined.
- Monitor the progress of the external search for the new Chief Financial Officer.
- Verify the appointment date of the new CFO to ensure it occurs before the end of 2011 as hoped by management.
- Review future filings for any changes to the transition timeline or interim financial reporting responsibilities.