NEW YORK (AP) -- Pentair President and Chief Operating Officer Michael Schrock plans to retire at year's end.
Schrock, 60, started at the flow control company in 1998. He became president and COO of the company in 2006, when it was based in Minnesota.
Pentair combined its business with the flow control business of Tyco International Ltd. in a $4.5 billion deal in September 2012, and the combined company's headquarters shifted to Switzerland. Schrock said the one-year anniversary of the combination was "the right time to make this transition."
Pentair Ltd. said that the position of president and COO will not be filled once Schrock departs.
The stock dipped 75 cents to $65.64 in Monday morning trading. Shares are up about 34 percent since the start of the year.
