Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered
industrial products, today announced that Eric C. Fast, Chief Executive
Officer, will retire from Crane Co. in January 2014. Mr. Fast joined
Crane in 1999 as President and Chief Operating Officer and was promoted
to Chief Executive Officer in January 2001. He will be succeeded by Max
H. Mitchell, currently President and Chief Operating Officer. Mr.
Mitchell, 49, joined Crane in 2004 as Vice President of Operational
Excellence, was promoted to President of Fluid Handling in 2005, became
Executive Vice President and Chief Operating Officer in May 2011, and
was appointed President of Crane Co. in January 2013.
Eric C. Fast, Chief Executive Officer said, “It has been a privilege to
lead Crane for the past twelve years, and I am extremely proud of all
that we have accomplished. In 2012 we posted record earnings per share
and free cash flow. In 2013, we expect to complete the acquisition of
MEI, which will create a third growth platform for the Company, and we
anticipate a third consecutive year of record earnings performance.
Importantly, our stock price reached an all-time high in the first
quarter of 2013. I want to thank our employees for their hard work, our
shareholders for their support, and our Board of Directors for their
guidance and counsel. Max Mitchell has played a key role in many of our
accomplishments, and I am pleased he was chosen by the Board to succeed
me. I am confident that he will lead Crane to continued profitable
growth and strategic success.”
Mr. Fast will remain a member of the Board of Directors until January
2014, and Mr. Mitchell will replace him on the Board at that time.
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 four business
segments: Aerospace & Electronics, Engineered Materials, Merchandising
Systems, and Fluid Handling. Crane has approximately 11,000 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.
Crane Co.
Richard E. Koch, 203-363-7352
Director, Investor Relations and Corporate Communications
www.craneco.com