Switzerland-based Pentair (NYSE: PNR ) will soon lose its president and chief operating officer -- for good.
The company announced this morning that when President and COO Michael Schrock retires on Dec. 31, 2013, Pentair does not intend to name a replacement. Thus, the post will vanish from the company's payroll.
Making this announcement, Pentair Chairman and CEO Randall J. Hogan praised Schrock for his 15 years of service and for his "significant contribution to Pentair" during that time.
No explanation for the broader decision to retire the post of president and COO was given.