Snap-on Elects Nicholas T. Pinchuk Chairman
Kenosha, Wis.--(BUSINESS WIRE)-- 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's Worldwide 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.
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.
Source: Snap-on Incorporated