Flowserve Corp. said its board of directors and C. Scott Greer have jointly agreed to accelerate the company's previously announced CEO transition. Greer resigned as chairman, president, CEO and director of Flowserve, effective immediately, but will remain employed with the company in a consulting role through June 30, 2005, to help ensure a smooth transition.
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.