Kevin Sheehan, a director and most recently chairman of the board's Corporate Governance and Nominating Committee, was named interim chairman, president and CEO. He will assume Greer's former responsibilities until a permanent successor is appointed, in accordance with the board's transition plan. The company said the process for recruiting a permanent CEO is well underway, though no timetable has been set to name a successor.
Sheehan, 59, has been a director of Flowserve, and one of its predecessor companies, since 1990. He is a partner in CID Equity Partners in Indianapolis, which he joined in 1994 after more than 22 years in senior level management and executive positions with Cummins Engine Co.
Flowserve Corp. also announced that it has entered into an agreement to acquire the Interseal assets of Australia-based Ludowici Mineral Processing Equipment Pty Ltd. Interseal is located in Perth, Australia, and had 2004 revenues of A$2.2 million ($1.7 million U.S.). Terms were not disclosed.