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 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 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