KENOSHA, Wis.--(BUSINESS WIRE)--Apr. 23, 2009--
Snap-on Incorporated (NYSE:SNA), a leading global innovator,
manufacturer and marketer of tools, diagnostics and equipment solutions
for professional users today announced that Nicholas T. Pinchuk,
currently president and chief executive officer, has been elected
chairman by the company’s board of directors. Mr. Pinchuk succeeds Jack
D. Michaels, who is leaving Snap-on's board of directors upon the
expiration of his term on April 23, 2009.
"We are extremely pleased to have Nick as Snap-on’s chairman, president
and chief executive officer, and look forward to him continuing to build
on the foundation he has laid during his past seven years with the
company," said W. Dudley Lehman, chairman of the company’s Corporate
Governance & Nominating Committee. "Nick's election as chairman is a
further indication of the board’s confidence in his leadership."
"I feel extraordinarily privileged to be part of the Snap-on team. We’ve
made substantial progress over the last few years, and I look forward to
continuing that work with the support of the board, our associates, our
franchisees and all of our company’s stakeholders," said Mr. Pinchuk.
"We thank Jack Michaels for his special leadership and significant
contributions to the Snap-on family."
Mr. Pinchuk joined Snap-on in 2002 as senior vice president and
president of Snap-on'sWorldwide Commercial and Industrial Group. He was
named president and chief operating officer in April 2007, when he was
also appointed to Snap-on's board of directors. In December 2007, he was
named president and chief executive officer. Prior to joining Snap-on,
Mr. Pinchuk served in several executive operational and financial
management positions at United Technologies Corporation. Before United
Technologies, he held various financial and engineering positions at the
Ford Motor Company. He also served as an officer in the United States
Army.
Mr. Pinchuk is a member of the board of directors of Columbus McKinnon
Corporation. He received Master and Bachelor of Science degrees in
Engineering from Rensselaer Polytechnic Institute and a Master of
Business Administration from Harvard.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and
marketer of tools, diagnostics and equipment solutions for professional
users. Product lines include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment
and other solutions for vehicle dealerships and repair centers, as well
as customers in general industry, energy and natural resources,
aerospace, agriculture and construction. Products are sold through its
franchisees, company-direct sales and distributor channels, as well as
over the Internet. Founded in 1920, Snap-on is a $2.9 billion, S&P 500
company headquartered in Kenosha, Wisconsin.
For additional information on Snap-on, visit www.snapon.com.
Source: Snap-on Incorporated
Snap-on Incorporated
Media contact:
Richard Secor
262/656-5561
or
Investor
contact:
Marty Ellen
262/656-6462