May 28, 2014

Watts Water Technologies Appoints New CEO

Robert J. Pagano Jr. appointed president and CEO effective May 27, 2014

Watts Water Technologies Inc. announced the appointment of Robert J. Pagano Jr. as president and CEO effective May 27, 2014, at which time Dean P. Freeman will resume his role as executive vice president and chief financial officer. Pagano also has been appointed to the company’s board of directors, effective May 27, 2014.

Pagano served most recently as senior vice president of ITT Corp. and president of ITT Industrial Process, where he continued his established track record of growing businesses through strong customer focus, new product development and strategic acquisitions. Under his leadership, ITT’s Industrial Process segment grew its revenues from $719 million in 2009 to $1.1 billion in 2013 and has become a leader in the global energy market.

“Bob brings to Watts Water a proven track record of leading global manufacturing businesses, building strong teams, focusing on customers and driving value creation through operational excellence, which are keys to the future success of Watts Water,” said John K. McGillicuddy, chairman of the Watts Water board. “His deep understanding of fluid control businesses, combined with his team building and operational capabilities, are exactly what we need to grow our core business and deliver increased value for our shareholders.

“We are all grateful to Dean Freeman for leading the company with a steady hand during the last several months. His deep understanding of Watts Water and his focused approach kept the company on course, and we will continue to benefit from his exceptional capabilities as he returns to his chief financial officer role,” McGillicuddy concluded.

“Watts Water is well positioned for continued growth, and with the support of the leadership team, we plan to maintain the company’s strategic direction, focus on customer value and operational efficiencies, and drive the business to maximize shareholder return,” Pagano said. “My immediate focus will be on getting to know the entire team, meeting with customers, and working directly with our regional leaders to understand the needs of the organization. I am looking forward to getting started.”