Cummins' CFO, Kiran Patel, to Join iMotors.Business Editors NOTE TO MEDIA: Photo is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com COLUMBUS, Ind.--(BUSINESS WIRE)--Oct. 24, 2000 Cummins Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today announced that Kiran M. Patel, Cummins' Executive Vice President and Chief Financial Officer, will resign from the Company to join iMotors, based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , as its Chief Financial Officer. iMotors is the only online direct seller of certified See certification. used cars. Patel, who has been with Cummins for 26 years, was appointed Cummins' CFO See Chief Financial Officer. in 1996. "I did not anticipate that I would leave Cummins at this stage of my career," said Patel. "However, the opportunity with iMotors is one I could not pass up. I leave knowing that Cummins is in excellent hands with Tim Solso and his management team. I wish them nothing but the best." "After 26 years of working with Kiran as a colleague and knowing him as a friend, I wish him much success in his new endeavor," said Cummins Chairman and Chief Executive Officer Tim Solso. "Kiran's contributions to Cummins have been invaluable, from streamlining our financial reporting systems to leading the negotiating team for many of our strategic acquisitions. He has been a true business partner, and I know I speak for all of the employees at Cummins in thanking him for his contributions during his time with us." While at Cummins, Patel has worked in the areas of finance, strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , and manufacturing. Prior to being named Executive Vice-President and Chief Financial Officer, Patel was President of the company's filter subsidiary, Fleetguard/Nelson. He has also been President of Cummins' Brazilian operations and of the company's Atlas Crankshaft subsidiary. Cummins, headquartered in Columbus, Ind., is the world's largest producer of diesel engines above 200 horsepower horsepower, unit of power in the English system of units. It is equal to 33,000 foot-pounds per minute or 550 foot-pounds per second or approximately 746 watts. . The company provides products for customers in its key markets: engines, including automotive and industrial, power generation, and filtration. In 1999, Cummins reported record sales of $6.6 billion. Press releases by fax may be requested by calling News on Demand (toll free) at 888-329-2305. Cummins' home page on the Internet can be found at http://www.cummins.com. Note: A Photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.102400/bb13 |
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