Cutler to Become Chairman of Eaton Corporation.Business Editors CLEVELAND--(BUSINESS WIRE)--April 26, 2000 Eaton Corporation This article is about an industrial manufacturer. For other meanings see Eaton. Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2006 sales of $12.4 billion, putting it at 198 on the Fortune 500 for 2007. (NYSE NYSE See: New York Stock Exchange :ETN ETN Eaton Corporation (stock symbol) ETN Exchange Traded Note (investing) ETN European Travel Network ETN Electronic Tandem Network ETN Educational Telephone Network ) today announced that Alexander M. (Sandy) Cutler will be elected Eaton's chairman and chief executive officer when its current chairman and chief executive officer, Stephen R. Hardis, retires on July 31, 2000. Cutler, age 49, currently Eaton's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , will continue to serve as president when he assumes the office of chairman. "Sandy is extraordinarily well qualified for this position," Hardis said. "As a longstanding key member of Eaton's senior management team, Sandy has been directly involved in every major corporate action for the past 15 years. His recent leadership as chief operating officer and as the architect of the Eaton Business System has produced material benefits for the company. "Sandy is clearly the right person to help Eaton build upon the great performance momentum it's gained through the successful execution of its growth strategy," continued Hardis. "His succession demonstrates the consistency of purpose and accountability in place at Eaton during a period of tremendous change and growth for the organization. It is noteworthy for a corporation to undergo the degree of change we've experienced and still have continuity of management." Cutler, who has 25 years of service with Eaton, was elected to his current position in 1995. He began his career at Cutler-Hammer in 1975 as a financial analyst and moved through finance positions of increasing responsibility, becoming division controller in 1979, after Eaton acquired Cutler-Hammer. From 1980 to 1986, Cutler served Eaton in progressively complex operations roles, from plant manager to general manager of Industrial Control and Power Distribution Operations. In 1986 he was elected president of the Industrial Group and was promoted to president of the Controls Group in 1989 before being elected executive vice president, Operations in 1991. Cutler was elected executive vice president and chief operating officer, Controls in 1993, prior to assuming his current position. Cutler received a B.A. from Yale University Yale University, at New Haven, Conn.; coeducational. Chartered as a collegiate school for men in 1701 largely as a result of the efforts of James Pierpont, it opened at Killingworth (now Clinton) in 1702, moved (1707) to Saybrook (now Old Saybrook), and in 1716 was and an M.B.A. from the Amos Tuck Amos Tuck (1810-1879) was a political figure in New Hampshire, credited by some New Hampshire sources as a founder of the Republican Party. Early life and education School of Business Administration at Dartmouth College Dartmouth College, at Hanover, N.H.; coeducational; chartered 1769, opened 1770, the ninth colonial college (see Wheelock, Eleazar). Originally a men's college, Dartmouth began admitting women in 1972. . He is presently a board member of KeyCorp and the Amos Tuck School of Business Administration. He is a member of the Executive Committees of United Way Services and The Cleveland Play House The Cleveland Play House is a regional theater company and also the name of a theater complex in the Fairfax neighborhood of Cleveland, Ohio. As of 2005, the artistic director of the theater company is Michael Bloom, the eighth since its inception. and is chairman of the Weatherhead School of Management The Weatherhead School of Management is a private business school of Case Western Reserve University located in Cleveland, Ohio. Weatherhead is considered a top-tier business school, with its strongest programs concentrated in organizational behavior, nonprofit business, Visiting Committee. Cutler is also a member of the Yale University Development Board and the Yale Alumni Association An alumni association is an association of graduates (alumni) or, more broadly, of former students. In the United Kingdom and the United States, alumni of universities, colleges, schools (especially independent schools), fraternities, and sororities often form groups with alumni of Cleveland. Hardis, age 64, will leave Eaton after 21 years with the company. He joined Eaton in 1979 as executive vice president, Finance and Administration. He was elected to the Eaton Board of Directors in 1983, became vice chairman and chief financial officer in 1986 and was elected chief executive officer in 1995. He assumed his present position in 1996. Prior to Eaton, Hardis was executive vice president of finance and planning with Sybron Corporation, and was associated with General Dynamics Corporation before that. Hardis graduated Phi Beta Kappa Phi Beta Kappa: see fraternity. Phi Beta Kappa Leading academic honour society in the U.S., which draws its membership from college and university students. The oldest Greek-letter society in the U.S. from Cornell University and has a master's degree in Public and International Affairs from Princeton University. Currently, Hardis is a director of American Greetings Corporation, Lexmark International Corporation, Marsh & McLennan Companies, Nordson Corporation and Progressive Corporation. He is also a trustee of the Cleveland Clinic Foundation, Musical Arts Association, Playhouse Square Foundation, Greater Cleveland Roundtable and Cleveland Tomorrow. Eaton is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial, aerospace and semiconductor markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, ion implanters and a wide variety of controls. Headquartered in Cleveland, Ohio, the company has 64,000 employees and 195 manufacturing sites in 23 countries around the world. Eaton's sales for 1999 were $8.4 billion. The Internet address for Eaton is: http://www.eaton.com |
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