Duke Energy CFO Brian Savoy joins Flowserve (FLS) board, named audit committee financial expert
Rhea-AI Filing Summary
Flowserve Corporation reported that its Board of Directors elected Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy, as a new independent director, effective March 16, 2026. He will serve on the Audit Committee and the Technology, Innovation and Risk Committee and has been designated an “audit committee financial expert.”
The Board amended the company’s By-Laws to increase the number of directors from ten to eleven to accommodate this new seat and plans to reduce the board size after director Ken Siegel’s term ends at the May 2026 annual meeting. Flowserve also furnished a press release announcing Mr. Savoy’s appointment.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Election of Directors
On March 16, 2026, Flowserve Corporation (the “Company”) announced that Brian D. Savoy, Executive Vice President and Chief Financial Officer for Duke Energy Corporation (“Duke Energy”) has been elected by the Company’s Board of Directors (the “Board”) as a new member of the Board, effective March 16, 2026. Prior to Mr. Savoy’s appointment as Executive Vice President and Chief Financial Officer of Duke Energy in 2022, Mr. Savoy was the Senior Vice President and Chief Transformation and Administrative Officer of Duke Energy from 2019 to 2021 and the Senior Vice President, Business Transformation and Technology of Duke Energy from 2016 to 2019.
Mr. Savoy fills the newly created directorship resulting from the increase in the number of directors pursuant to resolutions duly adopted by the Board under the Company’s Amended and Restated By-Laws (as amended and restated, the “By-Laws”) disclosed in Item 5.03 below. In connection with his election to the Board, Mr. Savoy has also been appointed as a member of the Audit Committee and Technology, Innovation and Risk Committee of the Board. Mr. Savoy is expected to be nominated for reelection by the Company’s shareholders at the 2026 annual meeting of shareholders. There is no agreement or understanding between Mr. Savoy and any other person pursuant to which he was selected as a director. The Company anticipates reducing the number of directors following Ken Siegel’s previously announced departure from the Board following the expiration of Mr. Siegel’s term at the conclusion of the Company’s May 2026 annual meeting.
The Board has made an affirmative determination that Mr. Savoy qualifies as an independent director under the New York Stock Exchange listing standards and the Company’s standards for director independence and qualifies as independent for purposes of Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Board has also made the affirmative determination that Mr. Savoy qualifies as an “audit committee financial expert” as such term is defined under Item 407(d)(5) of Regulation S-K under the Exchange Act. There have been no transactions directly or indirectly involving Mr. Savoy that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Exchange Act.
Mr. Savoy will be compensated for his service on the Board in accordance with the Company’s compensatory and other arrangements for non-employee directors, which are described in detail in the Company’s definitive proxy statement dated April 2, 2025, under the heading “Director Compensation”.
| Item 5.03 | Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On March 12, 2026, the Board approved an amendment to the Company’s By-Laws, effective March 16, 2026. Article III, Section 2 of the By-Laws, which sets forth the number of directors of the Company, was amended by the Board to increase the number of directors of the Company from ten to eleven.
The foregoing description of the amendment contained in the By-Laws is qualified in its entirety by reference to the full text of, and should be read in conjunction with, the By-Laws, a copy of which is filed with this Current Report on Form 8-K as Exhibit 3.1 and incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure. |
On March 16, 2026, the Company issued a press release announcing the election of Mr. Savoy. The press release is furnished as Exhibit 99.1 hereto.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 3.1 | Flowserve Corporation By-Laws, as amended and restated effective March 16, 2026. | |
| 99.1 | Press release, dated March 16, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FLOWSERVE CORPORATION | ||||||
| Dated: March 16, 2026 | By: | /S/ SUSAN C. HUDSON | ||||
| Susan C. Hudson | ||||||
| Senior Vice President, Chief Legal Officer and Corporate Secretary | ||||||
Exhibit 99.1
News Release
Flowserve Appoints Brian Savoy to Board of Directors
DALLAS—(BUSINESS WIRE)—March 16, 2026— Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that its Board of Directors has elected Brian Savoy as a member of the Board of Directors, and appointed him to the Audit Committee and Technology, Innovation and Risk Committee, effective March 16, 2026.
“We are incredibly excited to have Brian join Flowserve’s Board,” said Scott Rowe, Flowserve President and Chief Executive Officer. “His extensive leadership in the power industry, particularly with respect to nuclear, will help sharpen our focus as we continue to expand Flowserve’s position in this important growth market.”
Mr. Savoy currently serves as the Chief Financial Officer and Executive Vice President at Duke Energy, an electric power and natural gas holding company. His experience also includes serving as Duke Energy’s Chief Strategy and Commercial Officer as well as its Chief Transformation and Administrative Officer. Brian also currently serves as a board member and audit committee chair for the Electric Power Research Institute, a nonprofit organization advancing safe, reliable, and sustainable energy through research and collaboration with utilities, regulators, and policymakers.
“We believe Brian’s broad experience, financial and business transformation expertise, and his deep knowledge of the power industry will further enhance Flowserve’s focus on the Flowserve Business System and accelerating growth in priority power and industrial end markets.” said John Garrison, chairman of the Flowserve Board of Directors.
Mr. Savoy earned a Bachelor of Business Administration degree in accounting from Lamar University and is a certified public accountant.
Flowserve Contacts
Investor Contacts:
| Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance | (469) 420-3222 | |
| Olivia Webb, Director, Investor Relations | (469) 420-3223 |
About Flowserve: Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the energy, chemical, power generation and general industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics and changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; potential adverse effects resulting from the implementation of new tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and integrate new technologies, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
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Filing Exhibits & Attachments
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