Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - APPLIED INDUSTRIAL TECHNOLOGIES INC | l42518e8vk.htm |
| EX-10.1 - EX-10.1 - APPLIED INDUSTRIAL TECHNOLOGIES INC | l42518exv10w1.htm |
EXHIBIT 99.1
DAVID L. PUGH, CHAIRMAN & CEO OF APPLIED INDUSTRIAL TECHNOLOGIES,
ANNOUNCES PLAN FOR RETIREMENT
ANNOUNCES PLAN FOR RETIREMENT
CLEVELAND, OHIO (April 27, 2011) — The Board of Directors of Applied Industrial Technologies
(NYSE: AIT) today announced that Chairman and Chief Executive Officer, David L. Pugh, has informed
the Board that he will retire by the Company’s next annual shareholder meeting to be held in
October of 2011. Mr. Pugh, age 62, will also step down from the Board at the same time.
“Dave has been an outstanding leader during his tenure as CEO of Applied Industrial Technologies,”
said Peter A. Dorsman, the lead non-executive director of Applied’s Board. “His disciplined focus
on cost control, customer service, profitability, and employee development has shaped the Company’s
strategy and produced superior results. The Company has grown steadily, navigated difficult
economic conditions, and returned excellent value to shareholders. Applied today is strong, growing
and well positioned to meet the needs of its customers throughout North America.”
“My decision to retire is driven by what I really want to be doing at this stage of my life,
spending more time with family and on faith-based work,” said Mr. Pugh. “I am very gratified with
all that our organization has accomplished over the last 11 years. We’re coming off a strong year,
and we have all the elements in place for continued success. I will work with the Board to
implement an effective transition plan. I feel blessed to have been a part of this wonderful
organization.”
A search committee comprised of current Board members has been established. An internationally
recognized executive search firm has been engaged to assist the committee in
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leading a comprehensive search process to determine Mr. Pugh’s successor, with both internal and
external candidates being considered.
Mr. Pugh joined Applied as President & Chief Operating Officer in January 1999. He was named Chief
Executive Officer in January 2000 and Chairman in October 2000. He joined Applied from Rockwell
International Corporation, where he served as Senior Vice President of the industrial control
group. Prior to joining Rockwell in 1994, he held various positions at Square D Company and
Westinghouse Electric. He currently serves on the boards of Hexcel Corporation and R.W. Beckett
Corporation. He also serves on the board of the United Way and is a National Trustee — Midwest
Region for the Boys & Girls Clubs of America. A native of Lynchburg, VA, he earned a Bachelor of
Science degree in electrical engineering from Duke University.
With approximately 470 facilities and 4,600 employee associates across North America, Applied
Industrial Technologies is an industrial distributor that offers more than 4 million parts critical
to the operations of MRO and OEM customers in virtually every industry. In addition, Applied
provides engineering, design and systems integration for industrial and fluid power applications,
as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also
offers maintenance training, plus solutions to meet inventory and storeroom management needs that
help provide enhanced value to its customers. For its fiscal year ended June 30, 2010, Applied
posted sales of $1.89 billion. Applied can be visited on the Internet at
http://www.applied.com.
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For further information, contact Richard C. Shaw, Vice President — Communications, at 216-426-4343.