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The award
was based primarily on the expert guidance the board provided
while Itron completed its largest acquisition to date in 2007.
Itron has doubled in size - twice - over the past four years.
In 2004 Itron acquired Schlumberger Electricity Metering in
the United States and grew revenue from $317 million in 2003
to over $553 million in 2005. In 2007 Itron acquired Actaris
Metering Systems and increased revenue from $644 million in
2006 to almost $1.5 billion in 2007. Along the way, Itron,
with leadership and support from the board, has become a leading
supplier of meters, meter data collection systems, meter data
management software and advanced metering systems to utilities
around the world.
"These
kinds of bold steps are not possible without an outstanding
board," says Itron chairman and CEO LeRoy D. Nosbaum.
Other board members include directors Michael B. Bracy, Ted
C. DeMerritt, Kirby A. Dyess, Jon E. Eliassen, Charles H.
Gaylord, Jr., Thomas S. Glanville, Sharon L. Nelson, Gary
E. Pruitt, and Graham M. Wilson.
When management
suggested an acquisition opportunity, the board played a critical
role in testing, shaping and ultimately supporting management's
vision. Board members recognized that the risk to the long-term
viability and success of Itron was greater if it relied only
on organic or incremental growth, and that the risks associated
with making two transformational acquisitions in a short time
were worth taking if they could be managed properly, notes
Andrew Bor, Itron's attorney with Perkins Coie.
Nosbaum
says other boards can learn from Itron's successes. "A
good board of directors offers well-rounded experience, including
experience in the industry and markets the company is in,"
he says. "Members must be willing to disagree with both
management and each other, be willing to work outside of board
meetings, be inquisitive, and not settle for easy answers.
In addition, they should have a sound strategy and strong
agreement on how and in what direction to grow. This is a
well deserved award and we are pleased that the NACD has recognized
our board."
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