Date: April 26, 2000
Cutler to become chairman of Eaton Corporation
CLEVELAND … Eaton Corporation (NYSE:ETN) today announced that Alexander M. (Sandy) Cutler will be elected Eaton's chairman and chief executive officer when its current chairman and Chief Executive Officer, Stephen R. Hardis, retires on July 31, 2000. Cutler, age 49, currently Eaton's president and Chief Operating Officer, will continue to serve as president when he assumes the office of chairman.
"Sandy is extraordinarily well qualified for this position," Hardis said. "As a longstanding key member of Eaton's senior management team, Sandy has been directly involved in every major corporate action for the past 15 years. His recent leadership as chief operating officer and as the architect of the Eaton Business System has produced material benefits for the company.
"Sandy is clearly the right person to help Eaton build upon the great performance momentum it’s gained through the successful execution of its growth strategy," continued Hardis. "His succession demonstrates the consistency of purpose and accountability in place at Eaton during a period of tremendous change and growth for the organization. It is noteworthy for a corporation to undergo the degree of change we've experienced and still have continuity of management."
Cutler, who has 25 years of service with Eaton, was elected to his current position in 1995. He began his career at Cutler-Hammer in 1975 as a financial analyst and moved through finance positions of increasing responsibility, becoming division controller in 1979, after Eaton acquired Cutler-Hammer. From 1980 to 1986, Cutler served Eaton in progressively complex operations roles, from plant manager to general manager of Industrial Control and Power Distribution Operations. In 1986 he was elected president of the Industrial Group and was promoted to president of the Controls Group in 1989 before being elected executive vice president, Operations in 1991. Cutler was elected executive vice president and chief operating officer, Controls in 1993, prior to assuming his current position.
Cutler received a B.A. from Yale University and an M.B.A. from the Amos Tuck School of Business Administration at Dartmouth College.
He is presently a board member of KeyCorp and the Amos Tuck School of Business Administration. He is a member of the Executive Committees of United Way Services and The Cleveland Play House and is chairman of the Weatherhead School of Management Visiting Committee. Cutler is also a member of the Yale University Development Board and the Yale Alumni Association of Cleveland.
Hardis, age 64, will leave Eaton after 21 years with the company. He joined Eaton in 1979 as executive vice president, Finance and Administration. He was elected to the Eaton Board of Directors in 1983, became vice chairman and chief financial officer in 1986 and was elected chief executive officer in 1995. He assumed his present position in 1996.
Prior to Eaton, Hardis was executive vice president of finance and planning with Sybron Corporation, and was associated with General Dynamics Corporation before that.
Hardis graduated Phi Beta Kappa from Cornell University and has a master’s degree in Public and International Affairs from Princeton University.
Currently, Hardis is a director of American Greetings Corporation, Lexmark International Corporation, Marsh & McLennan Companies, Nordson Corporation and Progressive Corporation. He is also a trustee of the Cleveland Clinic Foundation, Musical Arts Association, Playhouse Square Foundation, Greater Cleveland Roundtable and Cleveland Tomorrow.
Eaton is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial, aerospace and semiconductor markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, ion implanters and a wide variety of controls. Headquartered in Cleveland, Ohio, the company has 64,000 employees and 195 manufacturing sites in 23 countries around the world. Eaton's sales for 1999 were $8.4 billion.