Snap-on Incorporated Appoints Gregg M. Sherrill to Board of Directors
KENOSHA, Wis., Nov 10, 2010 (BUSINESS WIRE) -- Snap-on Incorporated (NYSE: SNA) today announced that its board of directors has appointed Gregg M. Sherrill as a director, effective December 1, 2010.
Mr. Sherrill, age 57, has served as chairman and chief executive officer of Tenneco Inc., a producer of automotive emission control and ride control products and systems, since January 2007. Previously Mr. Sherrill was corporate vice president and president, Power Solutions of Johnson Controls, Inc., a global diversified technology and industrial company, from 2004 to 2007. Prior to joining Johnson Controls in 1998, Mr. Sherrill held various engineering and manufacturing positions during his 22 years at Ford Motor Company.
"Snap-on is quite pleased to welcome Gregg Sherrill to our board of directors," said W. Dudley Lehman, Snap-on director and chair of the corporate governance and nominating committee. "Throughout his career, he has consistently demonstrated strong leadership and keen business judgment. We look forward to adding his considerable capability to the Snap-on team."
Snap-on believes Mr. Sherrill meets the independence requirements of the New York Stock Exchange. His appointment increases the size of the board of directors to 12 members. Mr. Sherrill will be put forward as a nominee for shareholder ratification and election at Snap-on's 2011 Annual Meeting of Shareholders.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. 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 customers in industry, government, agriculture, aviation and natural resources. Products and services are sold through the company's franchisee, company-direct, distributor and Internet channels. Founded in 1920, Snap-on is a $2.4 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
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 contains 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 January 2, 2010, 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