Neil Armstrong retires from Eaton's board of directors; Howard Selland and Ken Semelsberger elected officers
CLEVELAND, OHIO....Eaton Corporation (NYSE: ETN) today announced at the company's Annual Meeting of Shareholders that Neil A. Armstrong, having reached normal retirement age for non-employee directors, would retire from the company's Board of Directors at the conclusion of the meeting. Armstrong, 68, was first elected to Eaton's Board in 1981.
At a Board of Directors meeting immediately following the annual meeting, Howard M. Selland and Ken D. Semelsberger were elected officers of the corporation. Selland, who was elected to the position of senior vice president and group executive – Aeroquip, had been appointed to his responsibilities earlier in the month. Semelsberger, currently director – Corporate Development and Planning, was elected vice president – Strategic Planning.
Armstrong is chairman of the board of AIL Technologies, Inc., and a director of Cinergy Corporation, Cordant Technologies Inc., Milacron, Inc., RTI International Metals Inc., and USX Corporation.
Selland most recently was president of Aeroquip Corporation and an executive vice president with the parent company, Aeroquip-Vickers, Inc., which Eaton acquired on April 9, 1999. Selland joined Aeroquip in 1963 and held a series of increasingly responsible positions until being named a senior staff officer of Aeroquip's parent company. In 1984, he became president of a sister subsidiary of Aeroquip, Sterling Engineered Products, Inc., which was merged into Aeroquip in 1989. At that time, he became president of the combined companies, and was elected executive vice president of Aeroquip-Vickers, Inc. Selland has a BA degree in Business Administration from Spring Arbor College and an MBA from the University of Michigan.
Semelsberger was named director – Strategic Planning in 1995, responsible for strategy planning, economics and corporate development. He joined Eaton in 1988 as a senior financial analyst and served as manager – Strategic Planning and associate director – Business Development until being named to his recent position. Before joining Eaton, Semelsberger was a consultant for Coopers and Lybrand. He holds a BA degree in marketing from Bowling Green State University and an MBA from Harvard.
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, the company has 65,000 employees and 215 manufacturing sites in 25 countries around the world. Eaton's sales for 1998 were $6.6 billion. On April 9, 1999, Eaton acquired Aeroquip-Vickers, Inc., which had sales of $2.1 billion in 1998.