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Letter to the Editor
Monday November 15
Snap-on Elects Jack D. Michaels as CEO
Snap-on Incorporated has announced the resignation of its chairman, president and chief executive officer, Dale F. Elliott, effective immediately. The company's Board of Directors has elected Jack D. Michaels, recently retired chairman and chief executive officer of HNI Corporation and a Snap-on director since 1998, to fill the position."Dale has made considerable contributions to Snap-on and leaves the company with a strong balance sheet and cash flow," said Bruce Chelberg, a member of the company's Board of Directors. "As head of the company, he set the highest standards of integrity and commitment. The Board is grateful for Dale's many contributions during his nine years with the company."
"Jack is a dynamic, aggressive leader with a deep reservoir of lean manufacturing and global experience, as well as a proven track record of improving operating efficiencies and driving growth," continued Chelberg. "We're confident that he will do the same with Snap-on."
During Michaels' 14-year tenure as CEO of HNI Corporation, the company experienced dramatic growth, more than tripling revenues while increasing profits by more than four times and earnings per share by more than five times. He achieved this performance during challenging economic conditions and in an intensely competitive marketplace. HNI Corporation, formerly HON Industries, is a leading manufacturer of office furniture and hearth products based in Iowa.
"I'm very pleased to accept this position at Snap-on, well known for its quality and innovation," said Michaels. "Snap-on is an outstanding company with a great brand, a strong customer base, quality management team, a motivated dealer organization and dedicated employees. I look forward to leveraging these strengths and accelerating the pace of change in order to drive profitable growth and take Snap-on to the next level."
Michaels said his near-term priorities include the need to work with the organization to improve operating efficiencies, respond to customer needs and market changes more quickly, and to correct performance issues in its commercial and industrial businesses.
The company also said it expects to meet its previously announced outlook of full-year 2004 reported earnings to be in the range of $1.35 to $1.45 per diluted share, excluding severance costs to Elliott of approximately $0.04 per share.
Snap-on Incorporated is a global manufacturer and marketer of tool, diagnostics, and equipment solutions for professional tool users.
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