Gardner Denver Announces Executive Management Changes


Gardner Denver, Inc. (NYSE: GDI) announced today that Helen W. Cornell has informed the Company of her intention to retire as Executive Vice President, Finance and Chief Financial Officer to enable her to increase her involvement in family business matters.

The Company has commenced an executive search to identify an appropriate successor and Mrs. Cornell plans to remain in her role to ensure an orderly transition, which the Company expects to occur before the end of the year.

Mrs. Cornell joined the Company in 1988 when it was a division of Cooper Industries and led the corporate secretarial and treasury functions upon Gardner Denver’s spin-off in 1993. In 2000, she accepted an operational role, as Vice President, Compressor Operations for the Compressor and Pump Division but returned to a corporate position in 2001, to lead the strategic development initiatives of the company, including the acquisitions of Syltone, Nash Elmo, Thomas Industries and CompAir, among others. She was promoted to Chief Financial Officer in 2004 and Executive Vice President, Finance and Chief Financial Officer of Gardner Denver in 2007.

“Helen has been instrumental in Gardner Denver’s transformation to a global leader in the markets we serve. Her leadership in executing the growth strategy of Gardner Denver is obvious by the strong financial results that we have achieved,” said Barry L. Pennypacker, Gardner Denver’s President and Chief Executive Officer. “Helen has built an excellent global finance function that will continue to provide a path forward for the continued success of Gardner Denver. On behalf of our customers, shareholders and employees, I want to thank Helen for her support of the culture change initiated by The Gardner Denver Way, and wish her continued success as she becomes more involved with her family’s business.”

“Being part of the team that transformed Gardner Denver from a U.S.-based manufacturing company with less than $200 million in revenues to a multinational organization, with over 6,000 employees on six continents and revenues of nearly $2 billion has been an incredible experience,” said Helen Cornell. “I have had the great fortune to learn so much from the many friends and acquaintances that I have made over the twenty-two years I have worked at Gardner Denver. I look forward to the future successes the Company will achieve as it continues its transformation to a lean culture, driven by the principles of the Gardner Denver Way.”

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