Franklin Electric ushers in new CEO
Feb.20, 2014, IN – Gregg C. Sengstack will succeed R. Scott
Trumbull as Franklin Electric’s CEO in May. Trumbull will remain non-executive
chairman of the company.
Trumbull first joined the Franklin Electric board in 1998
and was named chairman and CEO in 2002. During his tenure, Franklin Electric
has transformed itself from being a submersible motor supplier for pump
manufacturers to being a pumping systems supplier for distributors. Additionally, the company’s revenues have grown to $965
million in 2013 with 37 per cent of those revenues coming from developing regions
internationally. Under Trumbull’s leadership, the company’s market
capitalization has increased from around $520 million to about $1.9 billion.
Sengstack, who is 55 years old, first joined Franklin
Electric in 1988 and has been president and COO since 2011. He has previously
been senior vice president and president of Franklin Fueling Systems and
International Water Group, and held numerous positions in the company’s finance
organization before becoming CFO in 1999. Sengstack is a member of the board of
directors of Woodward Inc., a diversified manufacturer and service provider in
the global aerospace and energy control markets.
Sengstack holds a bachelor’s degree from Bucknell University
and masters in business administration from the University of Chicago.
David M. Wathen, chairman of the corporate governance committee
of the Franklin Electric board of directors commented on behalf of the board in
a media statement: “The board of directors has planned this transition for
several years and we have the upmost confidence that Gregg is prepared to lead
Franklin Electric. We would like to express our sincere gratitude to Scott for
all of his many accomplishments as the chief executive officer of Franklin
Electric over the past 11 years.”
Trumbull further noted: “Gregg is a strong leader and
excellent strategist. He has been a critical part of Franklin Electric’s
success over the past 25 years and we are very confident he will lead the company
to even greater levels of growth and profitability in the future.”