Savoy's career at Duke Energy includes roles as Senior Vice President and Chief Transformation and Administrative Officer, as well as Senior Vice President of Business Transformation and Technology. His expertise in financial and business transformation is anticipated to contribute positively to Flowserve's operational execution and strategic outlook.
In addition to his role on the Board, Savoy has been appointed to the Audit Committee and the Technology, Innovation and Risk Committee. The Board has determined that he qualifies as an independent director under New York Stock Exchange listing standards, which is crucial for maintaining governance controls within the company.
The election of Savoy comes at a time when Flowserve is also adjusting its Board structure, increasing the number of directors from ten to eleven. This change follows the previously announced departure of Ken Siegel, whose term will conclude at the May 2026 annual meeting. The company anticipates that Savoy will be nominated for reelection at this meeting, ensuring continuity in leadership and governance.
Flowserve's President and CEO, Scott Rowe, expressed enthusiasm about Savoy's addition to the Board, highlighting his leadership experience and the potential impact on the company's growth strategy. The Board's decision reflects a commitment to enhancing its governance framework and ensuring that it is well-equipped to navigate the challenges and opportunities in the evolving energy sector.
