Crane Co. Announces CEO Succession Plan

26.04.2013

Crane Co. announced that Eric C. Fast, Chief Executive Officer, will retire from Crane Co. in January 2014.

Mr. Fast joined Crane in 1999 as President and Chief Operating Officer and was promoted to Chief Executive Officer in January 2001. He will be succeeded by Max H. Mitchell, currently President and Chief Operating Officer. Mr. Mitchell, 49, joined Crane in 2004 as Vice President of Operational Excellence, was promoted to President of Fluid Handling in 2005, became Executive Vice President and Chief Operating Officer in May 2011, and was appointed President of Crane Co. in January 2013.

Eric C. Fast, Chief Executive Officer said, "It has been a privilege to lead Crane for the past twelve years, and I am extremely proud of all that we have accomplished. In 2012 we posted record earnings per share and free cash flow. In 2013, we expect to complete the acquisition of MEI, which will create a third growth platform for the Company, and we anticipate a third consecutive year of record earnings performance. Importantly, our stock price reached an all-time high in the first quarter of 2013. I want to thank our employees for their hard work, our shareholders for their support, and our Board of Directors for their guidance and counsel. Max Mitchell has played a key role in many of our accomplishments, and I am pleased he was chosen by the Board to succeed me. I am confident that he will lead Crane to continued profitable growth and strategic success."

Mr. Fast will remain a member of the Board of Directors until January 2014, and Mr. Mitchell will replace him on the Board at that time.

Source: Crane Co.

More articles on this topic

Sulzer Opens Brand New Birmingham Service Center

09.11.2021 -

Following the recent completion of Sulzer’s purpose-built service center in Birmingham, the facility was officially opened by His Royal Highness The Duke of Kent on October 27, 2021. Complete with a range of new equipment and state-of-the-art additive manufacturing and digital technologies, the service center represents Sulzer’s commitment to delivering the next generation of service excellence and will provide 24/7 support to customers around the world.

Read more