Snap-on Names Dale F. Elliott President and Chief Executive Officer

KENOSHA, Wis.--(BUSINESS WIRE)--April 24, 2001--Snap-on Incorporated (NYSE: SNA), a global leader in tools, diagnostics and equipment, announced today that its board of directors has elected Dale F. Elliott as the company's president and chief executive officer, effective April 27, 2001. Robert A. Cornog is retiring as president and chief executive officer and will remain chairman until the Annual Shareholders' Meeting in April 2002. Concurrently, Elliott will join the board of directors of Snap-on Incorporated.

"Snap-on is the recognized leader in its industry for product quality and customer service," said Elliott. "I am fortunate to have the opportunity to build on our success in the years ahead. Our focus will be on quality people, operational fitness and profitable growth. We are a strong company endowed with a quality management team and a foundation of dedicated dealers and employees around the globe. It is the people of Snap-on who create and deliver lasting value for customers and shareholders through innovation, legendary product quality and customer service."

"When I announced my intention to retire as CEO last fall, the board initiated an extensive search for an individual who would build on our success and create sustainable value," said Cornog. "Dale Elliott has the experience, vision and commitment that make him the preeminent person to lead Snap-on during the next leg of our journey. I am pleased to remain available to assist and counsel Dale to ensure a smooth transition.

"During the past 10 years, Snap-on has transformed itself from the leading tool provider for the vehicle-service technician to offering the most complete set of capabilities for professional tool users across a greatly expanded range of applications. Dale has a compelling combination of tenure at Snap-on in increasing roles of leadership coupled with broad industry experience prior to joining Snap-on. His demonstrated ability in driving innovation, process and new product development, along with his leadership skills, make him the ideal person to direct the continued growth of Snap-on Incorporated, across the expanded spectrum of vehicle, industrial and commercial applications."

"Our focus will be on enhancing our competitive advantages: the cumulative equity in our Snap-on family of brands, our product capabilities and the delivery of services beyond our traditional vehicle-repair base," added Elliott. "Looking ahead, we have already begun taking the company to the next level of performance to build lasting value for our customers and shareholders. The further development of our franchised dealer network, a continuous stream of innovative, new products and a commitment to customer service will make this an exciting time in the 81-year history of Snap-on."

Most recently, Elliott was president - diagnostics and industrial, with worldwide responsibility for the power tools group, industrial tool sales and diagnostics, equipment and service operations and their related product development centers. Elliott joined Snap-on Incorporated in 1995 as president, Snap-on Industrial.

Prior to joining Snap-on, he spent 11 years with Emerson Electric, first with the Dremel division and later the S-B Power Tool business, at that time, a joint venture between the Skil division of Emerson and Robert Bosch GmbH.

Elliott holds a bachelor of science degree from Michigan State University and a master's degree in business administration from Michigan Technological University. He is a member of the Hardware Marketing Council, the Automotive Sales Council and is a trustee of the Michigan Tech Fund.

Cornog began his association with Snap-on in 1982, serving as a member of the board of directors. He became chairman, president and chief executive officer in 1991. During Cornog's tenure as chairman, president and chief executive officer, total revenue more than doubled to $2.2 billion, an 11 percent compound annual growth rate. Snap-on Incorporated has grown from an international company with $176 million in non-U.S. sales in 1990, to a global organization with more than $800 million in sales, or 37 percent of total revenues, generated outside the United States. Return on equity improved from 10 percent in 1992 to 18 percent in 2000. In the same period, earnings per share compounded at 12 percent and operating profit quadrupled, a compound growth rate of 19 percent per year.

Cornog holds a bachelor of science degree in metallurgical engineering from the Illinois Institute of Technology and a master's of business administration from the University of Chicago. He is a member of the board of directors of Johnson Controls, Inc.; Wisconsin Energy Corporation; and Wisconsin Electric Power Company. He also serves as a trustee for Carthage College and the Illinois Institute of Technology.

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Snap-on Incorporated is a leading global developer, 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 products, diagnostics software and other solutions for the transportation service, industrial and other commercial industries. Products are sold through its franchise dealer van, company direct sales and distributor channels. Founded in 1920, Snap-on is a $2.2 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

For additional information, visit www.snapon.com

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