WHITE PLAINS, N.Y. (AP) — Water treatment company Xylem Inc. said Monday that President and CEO Gretchen McClain left to pursue other opportunities.
McClain has been president and CEO of Xylem since it was spun off from ITT Corp. in October 2011. She also resigned from the board of directors.
Steven R. Loranger was named chief executive officer and president, effective immediately. Loranger is a member of Xylem's board as director and chairman emeritus. He was the chairman, president and CEO of ITT Corp. at the time of the spinoff.
Xylem said it is launching a search for a new CEO and Loranger is "well suited" to lead the company through a smooth transition.
Xylem also backed its net income and revenue guidance for the year. The company is forecasting net income of $1.40 to $1.50 per share excluding one-time items and $3.7 billion in revenue. FactSet says analysts expect $1.42 per share in net income and $3.73 billion in revenue, on average.
Shares of Xylem rose 57 cents, or 2.2 percent, to $26.74 in morning trading.
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