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White Plains, N.Y.-based Xylem (NYSE: XYL ) has a new CEO today.
On Monday, the water treatment technology company and former ITT Corp. subsidiary announced that it has appointed board of directors member (and former CEO of all of ITT Corp.) Steven R. Loranger to replace Gretchen W. McClain as its chief executive officer. McClain, says Xylem, has stepped down from her post as CEO and also left the board "to pursue other opportunities."
Explaining the quick decision to hire Loranger, Xylem Chairman Markos I. Tambakeras described Loranger as "an industry veteran who is quite familiar with Xylem's business. He knows the challenges we are facing and understands the tremendous potential of this business."
In a filing with the SEC, Xylem disclosed that it will be paying Loranger an annual base salary of $1 million plus a quarterly bonus targeting $250,000.
Although described simply as "chief executive officer" in Xylem's press release, Loranger 's position can be better described as "interim CEO." The company's SEC filing states that "Mr. Loranger and the Board will consider on a quarterly basis the continuance of Mr. Loranger's service as Chief Executive Officer and President," implying that neither party considers this a permanent position.