Crane Co. Elects New Director.STAMFORD, Conn. -- Crane Co. (NYSE NYSE See: New York Stock Exchange : CR), a diversified manufacturer of highly engineered industrial products, today announced that its Board of Directors has elected Philip R. Lochner, Jr. as a director of Crane Co. Mr. Lochner retired in 1998 from Time Warner, Inc. where he had served as Senior Vice President and Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive since 1991. He began his career with the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. law firm of Cravath, Swaine & Moore, and subsequently he was employed by Time Incorporated, where he became Vice President, General Counsel and Secretary. In 1990-1991 he served as a Commissioner of the U.S. Securities and Exchange Commission. Mr. Lochner currently serves on the Boards of Directors of Adelphia Communications Corporation, Apria Healthcare Group Inc., CLARCOR Inc., CMS Energy CMS Energy is a public utility supplying electric power and natural gas to most of Michigan. Its headquarters are located in Jackson, Michigan. The company has operated since 1890. Its two principal subsidiaries are Consumers Energy and CMS Enterprises. Corporation, and Solutia Inc Solutia Inc. is a chemical production company. It was formed in 1997 as a spin-off of Monsanto Company. History Monsanto's core business was chemicals, and so Solutia traces its antecedents back to the foundation of Monsanto in St. Louis in 1901. . He also serves or has served on the Audit, Compensation, Compliance and Governance Committees of several of these boards. Mr. Lochner has previously served as a member of the Board of Governors of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. and of the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ; as a member of the Legal Advisory Committee of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ; and as a member of the Boards of Directors of the Investor Responsibility Research Center, which conducts research on proxy voting, and the National Association of Corporate Directors. R. S. Evans, Chairman of the Board, stated: "Phil Lochner has had a distinguished career in both the private and public sectors. With his legal background and broad experience on other public company boards, regulatory bodies and governance organizations, Phil will bring additional perspectives to the Crane Co. board. We are very pleased that he has agreed to join our Board of Directors." Crane Co. is a diversified manufacturer of highly 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 approximately 11,800 employees in North America, South America, Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com. |
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