Flowserve Corp reduces board size following director resignation

Published 11/02/2025, 14:52
Flowserve Corp reduces board size following director resignation

Flowserve Corporation (NYSE:FLS), a provider of pumps and pumping equipment with a market capitalization of $8.35 billion and an impressive 55.7% return over the past year, announced changes to its board of directors and bylaws, based on a recent SEC filing.

According to InvestingPro analysis, the company currently trades above its Fair Value, while maintaining strong financial health metrics.

On Monday, the company’s Corporate Governance and Nominating Committee accepted the resignation of director Carlyn R. Taylor, effective immediately. Taylor’s departure comes as she takes on the role of Chief Executive Officer and board member at Sirva Worldwide, Inc.

Taylor’s resignation was not due to any disagreement with the company’s management or board but was a result of changing professional responsibilities. Flowserve expressed gratitude for Taylor’s contributions during her tenure on the board. The company’s solid operational performance is reflected in its healthy current ratio of 1.99, indicating strong liquidity management.

Following Taylor’s departure, Flowserve’s board approved an amendment to the company’s bylaws on Tuesday. The amendment effectively reduces the number of directors from eleven to ten. This change was made to align with the company’s current governance structure and is effective immediately.

The amendment to the bylaws is detailed in the full text of the document, which is incorporated by reference into the SEC filing. The adjustment to the board size is a significant governance change for the Irving, Texas-based company, which operates under New York jurisdiction. InvestingPro subscribers can access comprehensive analysis of Flowserve’s governance structure and financial metrics, including its 18-year track record of consistent dividend payments.

In other recent news, Flowserve Corp . has been experiencing positive developments in its financial and operational performance. TD Cowen has increased the price target for Flowserve from $60.00 to $75.00, maintaining a Buy rating on the company’s shares. This adjustment comes as Flowserve continues to experience a strong backlog of orders and embarks on an optimization phase to drive margins.

Jefferies also maintains a Buy rating on Flowserve, citing a positive outlook for the traditional energy sector and the company’s initiatives aimed at margin expansion. Furthermore, Goldman Sachs has upgraded Flowserve from Sell to Neutral, recognizing the company’s significant operational improvements and growth potential.

On another note, Flowserve has announced a quarterly cash dividend of $0.21 per share, demonstrating its commitment to return value to shareholders.

In other recent developments, WESCO International has retained its Sector Perform rating from RBC Capital Markets, with an increased price target to $212 from $199. RBC anticipates strong performance in the fourth quarter of 2024 earnings due to robust electrical demand, datacenter growth, and potential mergers and acquisitions interest.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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