Crane Appoints New Chief Financial Officer

19.03.2003

Crane Co. today announced the appointment of George S. Scimone, vice president-finance and chief financial officer, completing the Company's search following the retirement of its former CFO.

Mr. Scimone has extensive operational and international experience with 28 years in financial leadership in a manufacturing environment at General Electric, and more recently as chief financial officer at Readers' Digest.

Mr. Scimone was with the General Electric Company, from 1968 to 1995, in positions of increasing global responsibility culminating in his last two positions as business chief financial officer for GE Electrical Distribution and Control, a $2.1 billion worldwide enterprise, and director of finance for GE Plastics in Europe, a $1.2 billion pan-European manufacturing and sales operation. Mr. Scimone began his career with General Electric as a financial management trainee and progressed through various financial, planning and analysis, operational and international management leadership positions.

Before joining Crane Co., Mr. Scimone was with Reader's Digest for 7 years where he began as Corporate Controller, was promoted to the position of president of Reader's Digest USA and subsequently promoted to the position of senior vice president and chief financial officer for Reader's Digest Association, Inc., a position which he held from 1997 to 2001.

Eric C. Fast, president and chief executive officer said, "We are very pleased to have George Scimone joining Crane Co. George's extensive experience and leadership in the areas of operations and manufacturing finance, as well his international exposure, are complementary with our Company's businesses and strategic focus. I look forward to him being a key business partner in driving profitable growth."

Crane Co. is a diversified manufacturer of engineered industrial products. Crane Co. is traded on the New York Stock Exchange (NYSE:CR).

Source: Crane Co.

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