Last updated on February 10th, 2020 at 10:51 am
Waukesha-based Generac Holdings Inc. has named an executive from nVent Electric to the newly created position of chief operations officer.
Tom Pettit will start in the new role on Feb. 17. Starting in 2017, he was previously executive vice president and chief integrated supply chain officer at nVent, a provider of electrical connection and protection solutions and former Pentair subsidiary. He was the operations vice president at Pentair from 2015 to 2017 and was COO at BioScrip Inc., a provider of infusion and home care management solutions from 2014 to 2015.
“We’re excited to bring Tom on board as we continue to grow,” said Aaron Jagdfeld, chairman and chief executive officer of Generac. “Tom’s vast operational experience and expertise will be a great addition to the team and we look forward to his contributions.”
Pettit will receive a base salary of $365,000 and will be eligible for Generac’s annual performance bonus and equity incentive plans, according to securities filings. He will also receive a $100,000 cash sign-on bonus and $350,000 in restricted stock that vests in equal installments over the next three years.
Generac has grown substantially over the last decade, going from $588 million in revenue in 2009 to $2.2 billion at the midpoint of its most recent guidance for last year. The company is scheduled to report earnings next week.
The company’s operations also continue to grow. In the last year, Generac has made several acquisitions to expand into energy storage and management while also increasing its emphasis on its traditional standby generator business in the western part of the country.
Editor’s Note: This story has been updated to correctly reflect the position’s title as “chief operations officer” instead of “chief operating officer.” The headline was also changed to reflect that Generac previously had a COO position.