CLEVELAND, OHIO...Eaton Corporation's Board of Directors has named Stephen R. Hardis to become the company's ninth Chairman and Chief Executive Officer, and Alexander M. Cutler to become the company's President and Chief Operating Officer. The promotions were announced today at the company's annual meeting of shareholders, held at One Cleveland Center.
Hardis' promotion to Chief Executive Officer, and Cutler's promotion are effective September 1, 1995. Hardis will assume the additional responsibility of board chairman when current Chairman and Chief Executive Officer William E. Butler retires on December 31, 1995. Cutler succeeds John S. Rodewig, who announced on March 30th that he would be retiring at the end of the year. "Eaton is indeed fortunate to have two leaders with the experience and proven ability of Steve Hardis and Sandy Cutler," Butler said. "Since 1979, three Eaton chairmen have had the advantage of Steve Hardis' wise and strategic counsel, and Eaton Corporation and its shareholders have been the beneficiaries. Sandy Cutler brings both high energy and impressive business skills to his broadened responsibilities. I am confident that Eaton will have a future of outstanding growth under Steve's and Sandy's leadership," Butler said.
Hardis, who currently serves as Eaton's Vice Chairman and Chief Financial and Administrative Officer, began his career with the company in 1979 as Executive Vice President-Finance and Administration. He was elected to the board of directors in 1983, and to his most recent position in 1986.
He is a board member of the Cleveland Clinic, First Union Real Estate Investments, KeyCorp, Nordson Corporation and Progressive Corporation. He is also a trustee of the Musical Arts Association (Cleveland Orchestra), Leadership Cleveland, Playhouse Square Foundation, and University Circle, Inc., and is a member of the Financial Executives Institute and the Jewish Community Federation Finance Committee.
Cutler joined Cutler-Hammer, Inc. in 1975, and held a number of financial and operating management positions following Eaton's acquisition of Cutler-Hammer in 1979. In 1986 he was elected President of Eaton's Industrial Group, and in 1989 was promoted to President of the Controls Group. He was elected Executive Vice President-Operations in 1991, and to his most recent position of Executive Vice President and Chief Operating Officer-Controls in 1993. Cutler was also elected to the company's board of directors in 1993, and will continue on the board in his new position.
Cutler is a board member of the Museum of Natural History, the Cleveland Commission on Higher Education, the Executive Committee of the Weatherhead School of Management's Visiting Committee, the Yale Alumni Association of Cleveland and the advisory board of the Cleveland Play House.
He is vice chairman of the National Electrical Manufacturers Association, a member of the board of the Electrical Manufacturers Club and a member of the Business Advisory Council of Economics America.
Eaton Corporation is a global manufacturer of highly engineered products which serve vehicle, industrial, construction, commercial, aerospace and marine markets. Principal products include truck transmissions and axles, engine components, hydraulic products, electrical power distribution and control equipment, ion implanters and a wide variety of controls. Headquartered at Eaton Center in Cleveland, the company has 51,000 employees and 150 manufacturing sites in 18 countries around the world. Sales for 1994 were $6.1 billion.