SPX Technologies Charts Future for Key Segment with Planned Leadership Transition

CHARLOTTE, NC – June 19, 2026 – SPX Technologies (NYSE: SPXC) today announced a meticulously planned leadership succession within its critical Detection & Measurement (D&M) segment, a move that signals both a nod to a legacy of profound growth and a confident pivot toward the future. John Swann, a veteran executive credited with significantly scaling the business, will retire in January 2027. Stepping into the role is Eric Kaled, a proven internal leader who will assume command of the segment on August 31, 2026.

The transition, described by the company as “thoughtful and planned,” is a case study in corporate continuity. It ensures a stable handover in a segment that has become a cornerstone of SPX's performance, responsible for a diverse portfolio ranging from underground locators to advanced communication technologies. For investors and industry watchers, the move underscores a strategy that prioritizes internal talent development and seamless evolution over disruptive change, even as the company navigates dynamic global markets.

A Legacy of Growth: Swann's Transformative Tenure

John Swann’s planned retirement marks the end of a distinguished 23-year career at SPX Technologies. Since joining in 2004, Swann has been instrumental in shaping the company's trajectory. His leadership has been praised for its transformative impact, particularly within the D&M segment he will now pass on.

“On behalf of the Board and the entire SPX leadership team, I want to thank John for his many years of outstanding service and leadership,” said Gene Lowe, President and Chief Executive Officer of SPX Technologies. Lowe highlighted Swann’s central role in “scaling our businesses into larger, stronger and more profitable growth platforms,” and praised his “disciplined approach to strategy and execution and ability to identify and integrate strategic acquisitions.”

This praise is substantiated by the segment's robust performance. Under Swann's oversight, which formally began as President of the D&M Segment in late 2022 after leading many of its constituent parts, the business has seen remarkable financial success. The segment’s revenue climbed steadily from $467.4 million in 2021 to $547.1 million in 2022. This momentum continued, with D&M segment income reaching $118.8 million for the full year 2023. More recently, the first quarter of 2025 saw segment income grow by 16.6% year-over-year, with margins expanding by 360 basis points, showcasing strong operational execution.

A key part of Swann’s legacy is his strategic acumen in mergers and acquisitions. He was deeply involved in acquisitions like Schonstedt and CUES in 2018, which significantly bolstered the Location & Inspection portfolio. This strategy of acquiring and integrating niche technology leaders has been a powerful engine for growth. The health of the segment he leaves behind is perhaps best illustrated by the record $350 million D&M backlog reported in February 2026, a figure that provides a powerful tailwind for his successor.

The New Guard: Kaled's Vision for the Future

SPX is placing the future of this vital segment in the hands of Eric Kaled, an executive who has already made a significant mark since joining the company in 2019. Kaled’s career, which includes leadership roles at Crane Co. and a 12-year stint at Teradyne, Inc., is rooted in managing and growing complex technology businesses. He holds an MBA from UCLA Anderson and a BS in Chemical Engineering from Rensselaer Polytechnic Institute, a background that blends deep technical understanding with strategic business insight.

At SPX, Kaled first led the Genfare business before his role expanded to President of the Communications Technologies (CommTech) platform. His tenure has been characterized by strengthening these platforms through a combination of organic growth and strategic execution. The company credits him with securing “multiple large-scale contract wins” and driving the “introduction of advanced customer solutions.” A notable success under his leadership includes the market traction of the BLACKTALON counter-unmanned aerial system (counter-UAS), which followed the successful integration of TCI and Enterprise Control Systems into the CommTech portfolio.

While Kaled has yet to publicly outline a detailed 100-day plan, his track record points to a continued focus on product innovation and operational excellence. His leadership philosophy, which emphasizes a people-centered approach balanced with rigorous business discipline, is expected to resonate well with the highly skilled teams within the D&M segment. CEO Gene Lowe expressed his full support, stating, “I have great confidence in Eric and the D&M leadership team, and I believe the segment is very well positioned to continue its strong momentum.”

The Strategic Landscape: D&M in a Dynamic Market

The Detection & Measurement segment Kaled will inherit is a diverse collection of specialized, high-margin businesses. It operates across four main verticals: Inspection & Location, providing essential tools for maintaining critical infrastructure; Transportation Systems, focused on fare collection; Aids to Navigation, ensuring safety in marine and aviation environments; and the high-growth Communication Technologies platform.

This diversification is a strategic advantage, allowing SPX to capitalize on several powerful secular trends. The global push for infrastructure modernization fuels demand for Radiodetection and CUES products used to locate and inspect aging underground utility networks. The evolution toward smart cities and integrated public transit creates opportunities for the Genfare business. Meanwhile, the CommTech platform is perfectly positioned to benefit from increased demand for spectrum management and security solutions, including the rapidly growing counter-drone market.

SPX’s strategy is not to compete in every market but to dominate specific, profitable niches with its portfolio of trusted brands. By focusing on highly engineered products with strong aftermarket potential, the company builds recurring revenue streams and deep customer relationships. Kaled's challenge and opportunity will be to foster innovation across this varied portfolio while identifying new adjacencies for growth, either organically or through the kind of strategic acquisitions that defined his predecessor's success.

A Blueprint for Continuity: Inside SPX's Succession Strategy

This leadership transition is occurring from a position of exceptional strength for SPX Technologies. The company’s stock has surged over 50% in the last year, buoyed by powerhouse earnings and a strategic position at the nexus of major growth trends like the AI-driven data center buildout, which is fueling its HVAC segment. The decision to announce the D&M succession well in advance, with a multi-month handover period where Swann remains to support strategic initiatives, is a hallmark of mature and effective corporate governance.

By promoting a proven internal leader like Kaled, the board signals its confidence in the company's talent pipeline and its commitment to a long-term strategic vision. This approach de-risks the transition, assuring investors, employees, and customers that the segment’s direction remains steady. It avoids the uncertainty that often accompanies external hires and allows the new leader to hit the ground running. As Kaled prepares to take the helm, he does so with the full backing of the organization and a clear mandate: to build upon a robust foundation and lead SPX's Detection & Measurement segment into its next chapter of innovation and growth.