New Itron CEO will look for acqisitions and global alliances to strengthen leadership role.
Itron, a Spokane company that serves more than 8,000 utilities around the world with smart grid and other technologies designed to measure and reduce consumption of energy, water and other resources, said today that it drew from its own ranks to appoint Philip Mezey as CEO. In his first conference call with analysts following the announcement, Mezey said Itron has a significant opportunity to take the integrated telecommunications, hardware and software services it is now offering to customers in North America to new customers overseas. “The world is moving toward connected systems and intelligence….to maximize resources, modernize the grid and provide for a growing populations,” said Mezey. “Itron is poised to take advantage of this shift.”
In a separate release today, Itron announced that CLP Power Hong Kong Ltd (CLP Power) selected Itron’s smart grid solution for its 4,500 advanced meter pilot project. Under the agreement, Itron will provide a comprehensive solution that includes Itron smart meters, data collection software, meter data management software, Itron Cellular Solutions and Cisco’s Connected Grid Routers (CGRs), as well as Connected Grid Network Management System (CG-NMS).
Much of Itron’s $2.1 billion in revenues today still comes from North America, where regulatory changes drive utilities to upgrade their systems for greater efficiency. Mezey said he would be looking for companies Itron might acquire to broaden its offerings to the 8000 utilities it servces around the world. He said the company would also be more aggressive in establishing strategic partnerships as it did last week when it announced an alliance with Panasonic Corp. of Japan to develop a smart meter platform for Asian markets.
Itron's official press release on Mezey's appointment is below:
LIBERTY LAKE, Wash. — November 19, 2012 — Itron, Inc. (NASDAQ: ITRI) announced today that Philip Mezey has been appointed as the company’s president and chief executive officer and named to Itron’s board of directors, succeeding LeRoy Nosbaum. Selected by Itron’s board of directors following an extensive international search, Mezey will assume his new role January 1, 2013.
“In a robust search across the global technology industry, Philip was the right choice to be Itron’s CEO,” said Jon Eliassen, chairman of the board of directors. “Philip has been behind many of the strategic initiatives that brought Itron to the leadership position it enjoys today and understands the technology, innovation and partnerships necessary to drive Itron to its next phase of growth.”
“Our industry is extending beyond its metering past and