Barnes Group elects Theodore E. Martin chief executive officer, and Thomas O. Barnes chairman of the board; expects record earnings in first quarter.BRISTOL, Conn.--(BUSINESS WIRE)--April 5, 1995--The board of directors of Barnes Group Inc. today elected Theodore E. Martin as president and chief executive officer of the company and Thomas O. Barnes as chairman of the board, with both changes effective July 1, 1995. The announcement was made by board chairman Wallace Barnes at the annual meeting of stockholders in Hartford, Conn. At the same time, president and chief executive officer A. Stanton Wells told stockholders that although first quarter results are not yet complete, he expects earnings will top the previous record for any quarter of $1.06 a share set in 1979. Last year, first quarter earnings were 78 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Martin will succeed Wells, who has elected to retire as president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Barnes Group on June 30, 1995 after having served for over 15 years as a senior officer of the company. Wells will remain a director until April, 1996. Martin has served as executive vice president-operations for Barnes Group since December, 1993. Thomas Barnes Thomas Barnes may refer to:
Wallace Barnes will step down as board chairman after having served 18 years in that capacity. He was first elected to the board in 1953 and will remain a director until April, 1996. Barnes, who retired as CEO of the company in 1991, said the announcement is being made at this time to ensure a smooth transition in view of Wells' decision to elect early retirement, and to accelerate the process which would have otherwise taken place in the first quarter of 1996 when both Wells and himself reach mandatory retirement A mandatory retirement age is the age at which persons who hold certain jobs or offices are required by statute to step down, or retire. Typically, mandatory retirement ages are justified by the argument that certain occupations are either too dangerous (military personnel) age. Barnes noted that Martin will be only the third chief executive outside the Barnes family to lead the company in its 138-year history. "He has earned that distinction for his accomplishments over the past four and a half years," Barnes said, "and we are very pleased that the board has recognized and rewarded his contributions to this company." T.E. Martin Martin, 55, joined the company in 1990 as a group vice president with responsibility for the company's Associated Spring business. In December, 1993, he was elected executive vice president-operations of Barnes Group Inc., with operating responsibility for all three of the company's businesses -- Associated Spring, Bowman Distribution and Barnes Aerospace. He was also elected to the board at that time and serves on its executive committee. He formerly held senior management positions with Herman Miller Herman Miller may refer to:
Martin earned a master's of business administration degree in finance from the University of Hawaii (body, education) University of Hawaii - A University spread over 10 campuses on 4 islands throughout the state. http://hawaii.edu/uhinfo.html. See also Aloha, Aloha Net. and a bachelor's of science degree in economics from Syracuse University Syracuse University, main campus at Syracuse, N.Y.; coeducational; chartered 1870, opened 1871. Syracuse is noted for its research programs in government and industry; facilities include the Center for Science and Technology, the Newhouse Communications Center, and . He serves on the board of directors of the Greater Hartford Greater Hartford is a region located in the state of Connecticut, centered around the state's capital of Hartford. Hartford's role as a focal point for the American insurance industry is known nationally. The vibrant music and arts scene defines the region's culture. Urban League and is a member of the Syracuse University Engineering Advisory Board. T.O. Barnes Thomas Barnes, 46, was elected senior vice president- administration of Barnes Group in December, 1993, and has been a director of the company since 1978. Before joining the company, he was president of The Olson Brothers Company in Plainville, Conn., a manufacturer of machined metal parts. Earlier in his career, Barnes held a variety of management positions. He was assistant treasurer of The Connecticut Bank and Trust Co., and before that was vice president of the Carpenter Construction Co. and the Carpenter Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Co. He also spent three years with Barnes Group's Bowman Distribution business where he became market research manager. Barnes holds an master's of business administration degree from the University of Connecticut The University of Connecticut is the State of Connecticut's land-grant university. It was founded in 1881 and serves more than 27,000 students on its six campuses, including more than 9,000 graduate students in multiple programs. UConn's main campus is in Storrs, Connecticut. and a bachelor's of arts degree in business from the University of Hartford. He is chairman and a director of Chapman Machine Co., a partner in the New Cambridge Realty Co., and a director of The Olson Brothers Company, Bristol Shopping Plaza shopping plaza Noun a shopping centre, usually a small group of stores built as a strip Inc., and Whitman General Corp. He is also chairman of the board of the Greater Bristol Health Services health services Managed care The benefits covered under a health contract Corp. and an associate director of the Bank of Boston Connecticut. In other annual meeting business, stockholders elected four sitting directors to three-year terms expiring in 1988. They are: George T. Carpenter, president of The S. Carpenter Construction Co.; Donna R. Ecton, business consultant; Juan M. Steta, counsel to the law firm of Santamarina Y Steta, and A. Stanton Wells, president and CEO, Barnes Group Inc. Stockholders also approved Price Waterhouse LLP LLP - Lower Layer Protocol as the company's independent accountants for 1995. CONTACT: Barnes Group, Bristol J.F. Sand Jr., 203/583-7070 |
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