Eaton shareholders elect Lautenbach to Board
CLEVELAND, OH.... Eaton Corporation shareholders today elected Ned C. Lautenbach, Senior Vice President and Group Executive at IBM Corporation, to Eaton's Board of Directors at the company's annual meeting, held today at One Cleveland Center.
Lautenbach, 53, is responsible for IBM's global sales and distribution operations. He has executive responsibility for IBM's marketing programs, sales performance and customer satisfaction efforts company-wide.
He joined IBM in 1968 as a marketing representative, rising to the position of Vice President in 1987. He became President of IBM Asia Pacific in 1991, Senior Vice President in 1992, and Chairman of the IBM World Trade Corporation in 1993, the position he held prior to promotion in 1995 to his present responsibilities.
Lautenbach holds a BA degree in economics from the University of Cincinnati and an MBA from Harvard University. He serves on the Board of Directors of the Providian Corporation, the Board of Trustees for the University of Cincinnati Foundation and is a member of the Council on Foreign Relations.
Charles E. Hugel, former Chairman and Chief Executive Officer of Combustion Engineering, Inc., and an Eaton Corporation director since 1978, is leaving the board after having reached normal retirement age.
Re-elected to three-year terms at today's meeting were Stephen R. Hardis, Eaton's Chairman and Chief Executive Officer, Alexander M. Cutler, the company's President and Chief Operating Officer, Phyllis B. Davis, former Senior Vice President of Avon Products, Inc., and Gary L. Tooker, Chairman of the Board of Motorola, Inc.
Eaton Corporation is a global manufacturer of highly engineered products which serve industrial, vehicle, construction, commercial and aerospace markets. Principal products include electrical power distribution and control equipment, truck transmissions and axles, engine components, hydraulic products, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 54,000 employees and 155 manufacturing sites in 26 countries around the world. Sales for 1996 were $7 billion.