Watts Water Names ITT’s Pagano as New Chief Executive Officer

May 09, 2014 8:01 am ET

May 9 (Bloomberg) -- Watts Water Technologies Inc., a water products manufacturer, named Robert J. Pagano Jr., ITT Corp.’s industrial process business president, as its new chief executive officer, ending a four-month search.

ITT announced Pagano, 51, resigned effective May 26 to take over the top post at North Andover, Massachusetts-based Watts Water. ITT’s IP business makes industrial pumps, valves and control systems. The business under Pagano’s leadership tapped the energy market to increase revenue from $719 milion in 2009 to $1.1 billion last year, Watts Water said yesterday.

Dean Freeman, who had served as interim chief of Watts Water since January after David Coghlan resigned, will resume his duties as chief financial officer at the water company, Watts Water said in a statement.

The shares have declined 14 percent this year compared to a 4.8 percent gain by the 19-member Bloomberg World Water Index.