[October 08, 2015] |
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Tom Deitrich Joins Itron as Chief Operating Officer
Itron, Inc. (NASDAQ: ITRI), a world-leading technology and services
company dedicated to the resourceful use of energy and water, announced
today Tom Deitrich is joining Itron as executive vice president (EVP)
and chief operating officer (COO). Deitrich's appointment will be
effective on Oct. 10, 2015 and follows a previously planned transition
of the role announced by the company on Aug. 5, 2015.
"I am pleased to welcome Tom to Itron's executive team. With his proven
track record of driving operational excellence and technology
innovation, Tom's leadership will be instrumental in improving
performance and profitably growing Itron," said Philip Mezey, Itron
president and chief executive officer. "We are committed to a
comprehensive strategic evaluation of our business to enhance
operational performance and drive value for our customers and
shareholders."
As one of his first priorities, Deitrich will conduct a thorough
evaluation of Itron's operations and recommend steps to enhance the
company's operational and financial performance. Itron also announced it
is finalizing its selection of a leading global consulting firm to
support Deitrich and the company during this evaluation. The review will
focus on:
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Refining Itron's Manufacturing and Supply Chain Strategy: Itron
will conduct a comprehensive evaluation of its manufacturing strategy,
as well as review the effectiveness of its manufacturing footprint and
supply chain to identify opportunities to further balance capacity and
strategic sourcing, optimize inventory efficiency, enhance quality and
lower costs.
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Improving R&D Efficiency: Itron will conduct a
comprehensive evaluation of its R&D processes and programs to idntify
opportunities to enhance efficiency and maximize returns on the
company's R&D investments. Global adoption of smart metering and smart
grids is accelerating, and Itron will continue to target investments
in innovative hardware, networks, software and services that enable
smart cities, power the Internet of Things and best position the
company for future growth.
In addition to the company's evaluation of operational processes and
strategies, Itron will continue with its restructuring initiatives
already underway including the closure of facilities in Brazil, Italy,
South Africa, and Saudi Arabia. Itron remains on track to achieve the
previously announced $40 million of annualized savings beginning in
2017, which the company anticipates will deliver a positive long-term
impact on Itron's margins and profitability. The company is committed to
identifying new operational benefits and cost saving opportunities
through the review process.
"Since being appointed as Itron's next COO, I have had the opportunity
to become even more familiar with this innovative and exciting company,"
said Deitrich. "Itron is a very strong company with unmatched breadth of
technology, deep industry expertise and unique solutions for the many
business challenges our customers face. Executing these initiatives will
generate greater value for all of our stakeholders and position Itron
for the future. I look forward to moving quickly to help Itron achieve
the success and profitability it is poised to realize."
About Tom Deitrich
Deitrich brings more than 20 years of experience in global operations at
leading technology firms and has held a number of executive management
roles where he led business-level strategies that transformed and
significantly grew organizations during times of changing market
conditions. Deitrich has held executive and senior leadership positions
at, among other companies, Freescale Semiconductor, Inc., Flextronics (News - Alert)
International, Inc., Sony Ericsson Mobile Communications, Inc., and
General Electric Corporation.
About Itron
Itron is a world-leading technology and services company dedicated to
the resourceful use of energy and water. We provide comprehensive
solutions that measure, manage and analyze energy and water. Our broad
product portfolio includes electricity, gas, water and thermal energy
measurement devices and control technology; communications systems;
software; as well as managed and consulting services. With thousands of
employees supporting nearly 8,000 customers in more than 100 countries,
Itron applies knowledge and technology to better manage energy and water
resources. Together, we can create a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151008006333/en/
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