KENOSHA, Wis.--(BUSINESS WIRE)--Nov. 13, 2014--
Snap-on Incorporated (NYSE: SNA) today announced that its board of
directors has appointed Donald J. Stebbins as a director, effective
January 4, 2015.
Mr. Stebbins, age 56, serves as president and chief executive officer of
Superior Industries International, Inc. (“Superior”), a manufacturer of
aluminum wheels for the automotive industry, having joined in May 2014,
and is also a director of Superior. Mr. Stebbins previously served as
chairman, president and chief executive officer of Visteon Corporation
(“Visteon”), an automotive components manufacturer, from 2008 until
2012, and was Visteon’s president and chief operating officer from 2005
until 2008. Before joining Visteon, Mr. Stebbins held various positions
with increasing responsibility at Lear Corporation, a supplier of
automotive seating and electrical distribution systems, including
president and chief operating officer – Europe, Asia and Africa,
president and chief operating officer – Americas, and senior vice
president and chief financial officer. Mr. Stebbins also serves as a
director of WABCO Holdings Inc., a provider of electronic, mechanical
and mechatronic products.
“Snap-on welcomes Don Stebbins to its board of directors,” said W.
Dudley Lehman, Snap-on director and chair of the corporate governance
and nominating committee. “With his substantial operational and
financial experience, Don will be a great addition to our board. We look
forward to his significant contributions to the Snap-on team.”
Snap-on believes Mr. Stebbins meets the independence requirements of the
New York Stock Exchange. His appointment increases the size of the board
of directors to 10 members. In accordance with Snap-on’s bylaws, Mr.
Stebbins will serve for a term expiring at the 2015 Annual Meeting of
Shareholders and will be subject to annual election thereafter.
Snap-on Incorporated is a leading global innovator, manufacturer and
marketer of tools, equipment, diagnostics, repair information and
systems solutions for professional users performing critical tasks.
Products and services 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 for customers in industries, including aviation and aerospace,
agriculture, construction, government and military, mining, natural
resources, power generation and technical education. Snap-on also
derives income from various financing programs to facilitate the sales
of its products. Products and services are sold through the company’s
franchisee, company-direct, distributor and internet channels. Founded
in 1920, Snap-on is a $3.1 billion, S&P 500 company headquartered in
Statements in this news release that are not historical facts,
including statements that (i) are in the future tense; (ii) include the
words “expects,” “anticipates,” “intends,” “approximates,” or similar
words that reference Snap-on or its management; (iii) are specifically
identified as forward-looking; or (iv) describe Snap-on’s or
management’s future outlook, plans, estimates, objectives or goals, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Snap-on cautions the reader that
this news release may contain statements, including earnings
projections, that are forward-looking in nature and were developed by
management in good faith and, accordingly, are subject to risks and
uncertainties regarding Snap-on’s expected results that could cause (and
in some cases have caused) actual results to differ materially from
those described or contemplated in any forward-looking statement.
Factors that may cause the company’s actual results to differ materially
from those contained in the forward-looking statements include those
found in the company’s reports filed with the Securities and Exchange
Commission, including the information under the “Safe Harbor” and “Risk
Factors” headings in its Annual Report on Form 10-K for the fiscal year
ended December 28, 2013, which are incorporated herein by reference. Snap-on
disclaims any responsibility to update any forward-looking statement
provided in this news release, except as required by law.
For additional information, please visit www.snapon.com.
Source: Snap-on Incorporated