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8-K - FORM 8-K - IDEX CORP /DE/ | c63262e8vk.htm |
EX-10.1 - EX-10.1 - IDEX CORP /DE/ | c63262exv10w1.htm |
Exhibit 99.1
![(IDEX CORPORATION LOGO)](c63262c6326202.gif)
TRADED: NYSE (IEX)
For further information, contact:
Heath A. Mitts
VPFinance
847.498.7070
VPFinance
847.498.7070
FOR IMMEDIATE RELEASE
Wednesday, February 23, 2011
Wednesday, February 23, 2011
IDEX CORPORATION ANNOUNCES RETIREMENT OF NEIL SPRINGER;
APPOINTMENT OF TONY SATTERTHWAITE TO BOARD OF DIRECTORS
APPOINTMENT OF TONY SATTERTHWAITE TO BOARD OF DIRECTORS
Lake Forest, IL, February 23, 2011 IDEX CORPORATION (NYSE: IEX)
IDEX Corporation (NYSE:IEX) today announced that Neil Springer informed the company of his
intention to retire and resign from the IDEX Board effective at the 2011 Annual Meeting of
Stockholders on April 5, 2011. Mr. Springer joined the companys Board in February 1990. On April
6, 2010, he was reelected to serve a three-year term ending at the IDEX Corporation 2013 annual
meeting of stockholders.
Commenting on the resignation, IDEX Chairman and Chief Executive Officer Larry Kingsley said, Neil
has been a highly valued Board member. In addition to his general Board duties, he has served
during his long tenure on all of the Board Committees, including as Chair of the Nominating and
Corporate Governance Committee from 2002 until 2010. We thank him for his many years of service.
The company also announced the appointment of Tony Satterthwaite, with effect on Mr. Springers
retirement on the date of the Annual Meeting. Mr. Satterthwaite will also serve on the companys
Audit Committee.
Were excited to have Tony join our Board, said Larry Kingsley, IDEXs Chairman and Chief
Executive Officer. He brings a great deal of international and emerging markets business
expertise. His background and knowledge will be particularly instrumental in helping us evaluate
strategic alternatives as we continue to grow our business in developing countries.
Mr. Satterthwaite serves as President of Cummins Power Generation, a business unit of Cummins,
Inc., a manufacturer of diesel and natural gas power generating, transfer and control technologies.
Cummins commercial power systems are used in standby and emergency systems, and multi-megawatt
peaking facilities. Mr. Satterthwaite has 14 years of international experience, living abroad in
the U.K. and in Singapore. He ran Cummins Southeast Asia region and led Power Generations
business in Asia-Pacific. He was named Managing Director of Power Generations operations in
Ramsgate,
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England in 1999 and promoted to Vice President in 2001, and President of the business unit in 2008.
Before joining Cummins in 1988, Mr. Satterthwaite was a General Field Engineer for Schlumberger.
He has an M.B.A. degree from Stanford University and an undergraduate degree in Civil Engineering
from Cornell University.
Tony adds a new dimension to IDEXs Board, said Bradley Bell, Chairman of the Nominating and
Corporate Governance Committee of IDEXs Board of Directors. His international business expertise
will provide considerable value in helping the Board and management evaluate various strategic
opportunities. His appointment is consistent with our commitment to select individuals with
applicable professional experience, and to continue to be a strong and independent Board.
About IDEX
IDEX Corporation is an applied solutions company specializing in fluid and metering technologies,
health and science technologies, dispensing equipment, and fire, safety and other diversified
products built to its customers exacting specifications. Its products are sold in niche markets to
a wide range of industries throughout the world. IDEX shares are traded on the New York Stock
Exchange and Chicago Stock Exchange under the symbol IEX.