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Letter to the Editor
Monday September 30
Snap-on Names Martin M. Ellen Senior Vice President - Chief Financial Officer
Snap-on Incorporated has announced that Martin M. Ellen will join the company as senior vice president - chief financial officer. Ellen brings a broad range of knowledge gained in complementary industries, including experience with franchising, financial services and global operations.Ellen, 48, is currently vice president and chief financial officer for Cabot Microelectronics Corporation, a $250 million, NASDAQ-traded company, formed out of a spin-off from Cabot Corporation, a global chemical manufacturing business based in Boston, Mass. Prior to Cabot, Ellen was senior vice president and chief financial officer for Whitman Corporation, a $2.5 billion NYSE-listed consumer goods company primarily engaged in the marketing, bottling, sales and distribution of Pepsi products and other beverages as a master franchisee. During his tenure at Whitman, Ellen established performance, profitability and operating improvement plans to raise margins on acquired operations, as well as directing much of the integration of those acquired operations. He was also instrumental in executing Whitman's "total beverage company" strategy in Central Europe.
"Marty's extensive background in financial and operational planning and performance measurement will be a significant benefit as we continue to implement the Snap-on Business Process," said Dale F. Elliott, chairman, president and chief executive officer. "In particular, his strong focus on processes that assess customer and shareholder value added will help the company more closely monitor performance in these areas. We look forward to his contributions to the corporate and operations finance functions, as well as to the overall development and execution of our business strategies."
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