Engineering group reveals new chief executive
Specialist valve manufacturer Rotork has concluded its search for a new chief executive.
The company, which has a base in Wolverhampton, has appointed the former CEO of US-based FDH Velocitel, Kevin Hostetler to the role.
FDH Velocitel is a private equity-backed telecommunications and engineering consulting business which Mr Hostetler led through a successful turnaround and sale process.
His appointment at Rotork allows former IMI chief executive Martin Lamb to step down as interim chief executive and revert to his former role as non-executive chairman.
Mr Lamb was forced to step up to the full time role following the resignation in July of former chief executive Peter France.
Mr France’s departure after eight years in post ended a 30-year association with the business and followed a period of under-performance by the FTSE 250 manufacturer.
Mr Hostetler, will join the board on February 12, 2018 and assume the role of chief executive from March 12. He will need to use every bit of his considerable experience to restore the business to success.
Rotork warned shareholders in November that the business needed a sustained investment programme in order to see a return to the high levels of growth it previously enjoyed.
The investment is likely to be in both new products and services.
Commenting on the appointment, Mr Lamb said: “I am delighted that we have secured Kevin Hostetler as our new chief executive. Kevin has an impressive track record of delivering profitable growth in a number of highly respected and innovative global engineering businesses, with significant experience in the flow control sector.
“He adopts leading edge practices and processes honed at Ingersoll Rand, and has delivered transformational growth for shareholders at IDEX Corp, a flow control business with highly engineered products and strong customer service requirements serving similar end markets to Rotork.”
