Crane Announces Retirement and Appointment of President


Crane Co. announced the planned early retirement of Richard W. Schueller, President of the Crane Composites Group and Kemlite Company and the appointment of Daniel L. Colbert to President, Kemlite.

Rich Schueller indicated last year that he wished to take early retirement mid-2005. Subsequently, the Company conducted a search for his replacement. Mr. Schueller has been with Crane since 1985 and President of the Kemlite Company since 1990. He will retire in July.

Crane Co. and its Kemlite Company are pleased to announce the appointment of Dan Colbert to assume the role of President, Kemlite. Mr. Colbert was most recently with Sears, Roebuck Corporation, from 2000 to the present, where he has been leading the K-Mart/Sears integration team as the vice president, continuous improvement; he was previously vice president, repair and technical services, parts supply chain and performance engineering where he was responsible for 32 locations and 3,000 employees. Prior to Sears, Mr. Colbert held positions of increasing responsibility in engineering, finance and procurement at General Electric Corporation for 13 years, culminating as general manager of power systems-performance engineering services and general manager of global parts.

Eric C. Fast, Crane Co.'s president and chief executive officer said, "Rich Schueller has dedicated himself to leading a profitable and growing company within Crane Co. for many years. We greatly appreciate his many years of service and his assistance in identifying and transitioning his successor. We look forward to Dan Colbert joining our team and to his leadership of Kemlite as it continues its growth."

Crane Co. is a diversified manufacturer of engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. The Company has five business segments: Aerospace & Electronics, Fluid Handling, Engineered Materials, Merchandising Systems and Controls. Crane has 10,500 employees in North America, South America, Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR).

Source: Crane Co.

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