FORT WAYNE, Ind. - Franklin Electric Co., Inc. (NASDAQ:FELE), a global leader in water and energy movement systems with a market capitalization of $4 billion and a strong "Good" financial health rating according to InvestingPro, announced key changes to its board of directors this week. Jennifer L. Sherman, currently the President and CEO of Federal Signal Corporation, was elected as the new Chairperson of the Board, effective May 2, 2025. Sherman has been part of Franklin Electric’s board since 2015 and will serve in her new role until the 2026 Annual Meeting of Shareholders.
Additionally, the company welcomed Mark A. Carano as a new board member on Sunday. Carano, the Vice President, Chief Financial Officer, and Treasurer of SPX Technologies, Inc., brings a wealth of financial and manufacturing experience to the table. His term as a director will extend to the 2027 Annual Meeting of Shareholders.
The CEO of Franklin Electric, Joe Ruzynski, expressed his enthusiasm about working closely with Sherman to refine the company’s strategy. Sherman herself highlighted Carano’s valuable experience in financial and corporate sectors, anticipating that his insights will greatly contribute to the company’s growth, particularly through strategic acquisitions.
Franklin Electric serves a wide array of customers globally, offering products and services for residential, commercial, agricultural, industrial, municipal, and fueling applications. The company has received multiple accolades, including being named among America’s Most Responsible Companies and Greenest Companies by Newsweek, as well as being recognized for its workplace environment and commitment to climate leadership. With a remarkable 32-year track record of consecutive dividend increases and a current dividend yield of 1.24%, Franklin Electric demonstrates strong financial stability. InvestingPro analysis reveals 8 additional key insights about the company’s performance and outlook, available to subscribers.
The company’s forward-looking statements involve risks and uncertainties, which are detailed in its SEC filings. These could potentially affect the company’s financial results and business projections. According to InvestingPro data, analysts maintain a positive outlook with a consensus target price above current levels, though three analysts have recently revised their earnings expectations downward. The company currently trades near its InvestingPro Fair Value. However, Franklin Electric has not updated any forward-looking statements, basing them on information available at the time.
This board reshuffle reflects Franklin Electric’s commitment to leadership that can steer the company towards continued growth and innovation in its field. The appointments are based on a press release statement from Franklin Electric Co., Inc.
In other recent news, Franklin Electric Co. Inc. reported its first-quarter earnings for 2025, which fell short of analyst expectations. The company posted an earnings per share (EPS) of $0.67, missing the projected $0.76, while revenue came in at $455.2 million, below the forecasted $472.1 million. Despite the earnings miss, Franklin Electric completed strategic acquisitions and launched new products. The company maintains its full-year sales guidance between $2.090 billion and $2.150 billion. Franklin Electric’s CEO, Joe Rozinski, expressed confidence in the company’s resilience and positioning for the second quarter. The company is actively managing tariff exposure and expects to mitigate potential volume pressures with pricing strategies. Additionally, Franklin Electric’s Energy Systems segment showed strong results, offsetting slower performance in its distribution business.
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