SPX Corp. announces post-spinoff board members

Charlotte-based manufacturer SPX Corp., which is preparing to spin off its flow business into a separate publicly traded entity, announced board members of the two newly formed companies, SPX Corp. and SPX Flow Inc.

Patrick O’Leary, the former executive vice president and chief financial officer of SPX Corp. who retired in 2012, will serve as chairman of the board of the new SPX Corp. Chris Kearney, chairman, president and chief executive officer of SPX, will serve as chairman of the new SPX Flow Corp.

SPX said the board appointments are effective when the spinoff is complete, which is expected to be at the end of the third quarter.

“Today’s announcement marks another significant milestone towards the successful completion of our separation into two, independent publicly traded companies,” Kearney said in a statement.

The manufacturer said in October it was spinning off its flow products division as a new, independent standalone called SPX Flow, which will be led by Kearney. The remaining part of SPX will continue as a separate infrastructure company, with Gene Lowe, president of SPX’s thermal equipment unit, to serve as CEO.

SPX currently employs about 350 people in Charlotte. After the split, both companies will remain in Ballantyne.

Board members of SPX Flow:

▪ Chris Kearney will assume the role of chairman of the board.

▪ Anne Altman, general manager, U.S. federal and government industries at IBM.

▪ Patrick Campbell, retired senior vice president and chief financial officer of 3M Co.

▪ Emerson Fullwood, retired corporate vice president of Xerox Corp.

▪ Robert Hull, CFO of Lowe’s Cos.

▪ Terry Lisenby, retired CFO, treasurer and executive vice president of Nucor Corp.

▪ David Singer, retired CEO of Snyder’s-Lance Inc.

Board members of SPX Corp.:

▪ Patrick O’Leary will serve as chairman of the board

▪ Chris Kearney will step down from the role of chairman, president and CEO of SPX Corp., but will remain a board member of SPX Corp. and also serve as chairman, president and CEO of SPX Flow.

▪ Gene Lowe, president of SPX’s thermal equipment and services segment, will serve as president and CEO of SPX Corp. upon completion of the spin-off.

▪ Rick Puckett, executive vice president, CFO and chief administrative officer of Snyder’s-Lance.

▪ Tana Utley, vice president of the large power systems division at Caterpillar Inc.

SPX said two additional members will be appointed to SPX Corp.’s board of directors within coming weeks.

This story was originally published August 17, 2015 at 10:47 AM with the headline "SPX Corp. announces post-spinoff board members."