Dover Corporation announced today that Ronald L. Hoffman, 54, will become President and Chief Operating Officer, effective July 1, 2003. Mr. Hoffman is currently a Vice President of Dover and Chief Executive Officer of its Dover Resources segment.
As President of Dover, Mr. Hoffman will succeed Thomas L. Reece, 60, who will remain Dover's Chairman and Chief Executive Officer. Mr. Hoffman's chief responsibility will be the oversight of Dover's four business segments -- Dover Technologies, Dover Industries, Dover Diversified and Dover Resources -- which together comprise more than 50 independent manufacturing companies. Accordingly, the Chief Executive Officers of each of these segments will report directly to Mr. Hoffman.
Mr. Reece said, "Ron has been extraordinarily effective in serving Dover for the last seven years, first as the President of Tulsa Winch, one of our operating companies, and most recently as CEO of Dover Resources. His proven track record of delivering outstanding operating results, combined with his exceptional leadership and management skills, make this promotion an important event for Dover's future. I am delighted that Ron has agreed to take on this challenge and I look forward to working closely with him in his new role in the months and years ahead."
Mr. Hoffman said, "I am very excited about the opportunity I have been given to put my knowledge and experience to work for Dover at the corporate level. Working together with Tom and the talented CEO's who head up our four business segments, I am confident that we can continue to build on our reputation for delivering best-in-class products and services to our customers and enhanced value to our shareholders."
Mr. Hoffman has been President and Chief Executive Officer of Dover Resources since January 1, 2002. From May 2000 to January 2002, he was Executive Vice President of Dover Resources. Mr. Hoffman joined Dover in 1996 when it acquired Tulsa Winch, an Oklahoma company of which Mr. Hoffman was President and part owner after leading a management buyout of the company from Vickers in 1986. Mr. Hoffman first began working at Vickers, then a unit of Sperry, in 1972, and became President of Tulsa Winch in 1985. He began his career at Allis Chalmers in 1970 and completed the company's management development program during his tenure there. Mr. Hoffman has a B.S. in Engineering Technology from Oklahoma State University and also completed the Advanced Executive Management Program at Northwestern University's Kellogg School of Management.
Dover Corporation (NYSE: DOV) is a diversified manufacturer of industrial products with approximately $ 4.2 billion of sales.