Snap-on Incorporated CFO Resigns To Join Greif Bros. Corporation as CFO; Successor Search Begins Immediately

KENOSHA, Wis., Apr 5, 2002 (BUSINESS WIRE) -- Snap-on Incorporated (NYSE: SNA) today announced that Donald S. Huml, senior vice president--finance and chief financial officer, has resigned from Snap-on, effective April 19. He joins Greif Bros. Corporation (Nasdaq: GBCOA/GBCOB), a world leader in industrial shipping containers with significant containerboard and corrugated operations and timber properties, as chief financial officer.

Snap-on has retained an executive search firm and is actively seeking his successor. Huml's responsibilities will be handled during the interim period by Denis J. Loverine, treasurer; Blaine A. Metzger, vice president and controller; William H. Pfund, vice president - investor relations; and John A. Kielich, director - corporate development.

"We want to extend our best wishes to Don in his new opportunity and thank him for his many contributions to Snap-on," said Dale F. Elliott, president and chief executive officer. "His assistance has been greatly appreciated, particularly during the past year as we worked through our transition of CEO leadership. He leaves behind a strong team and a solid finance function."

"I am looking forward to an exceptional opportunity at Greif," said Huml. "At the same time, I am also very pleased to have worked for such a great organization like Snap-on. It has an exciting future as the company implements its Driven to Deliver(TM) business process and builds on its considerable strengths in the marketplace."

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage, diagnostics software and other solutions for vehicle-service, industrial, government and agricultural customers, and commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company-direct sales and distributor channels, as well as over the Internet. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 13,500 people worldwide.

CONTACT:          Snap-on Incorporated
                  Richard Secor (MR), 262/656-5561
                  or
                  William Pfund (IR), 262/656-6488

URL:              www.snapon.com
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