KENOSHA, Wis.--(BUSINESS WIRE)--Snap-on Incorporated (NYSE: SNA) today announced that its board of directors has appointed Ruth Ann M. Gillis as a director, effective July 18, 2014.
Ms. Gillis, age 59, retired as executive vice president and chief administrative officer of Exelon Corporation (“Exelon”), a utility services holding company engaged in the energy generation and delivery business, in July 2014 after serving in such roles since 2005. She was also president of Exelon Business Services Company, a subsidiary of Exelon. Previous roles include executive vice president of ComEd, an Exelon subsidiary, and chief financial officer of Exelon. Ms. Gillis also serves as a director of KeyCorp, a bank holding company, and its subsidiary, KeyBank National Association.
“We are very pleased to welcome Ruth Ann Gillis to Snap-on’s board of directors,” said W. Dudley Lehman, Snap-on director and chair of the corporate governance and nominating committee. "Ruth Ann’s extensive financial and business experience will greatly benefit Snap-on and the board. We look forward to adding her considerable capability to the Snap-on team."
Snap-on believes Ms. Gillis meets the independence requirements of the New York Stock Exchange. Her appointment increases the size of the board of directors to nine members. In accordance with Snap-on’s bylaws, Ms. Gillis will serve for a term expiring at the 2015 Annual Meeting of Shareholders and will be subject to annual election thereafter.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.1 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 28, 2013, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.
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