CORRECT(8/8): Idex CEO Leaves For Pall Corp; VP Silvernail To Succeed Him

Date : 08/09/2011 @ 5:52PM
Source : Dow Jones News
Stock : Idex Corp. (IEX)
Quote : 104.76  -0.63 (-0.60%) @ 4:02PM

CORRECT(8/8): Idex CEO Leaves For Pall Corp; VP Silvernail To Succeed Him

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("Idex CEO Leaves For Pall Corp; VP Silvernail To Succeed Him," published at 6:14 p.m. EDT on Aug. 8, misstated Pall Corp.'s closing price in the last paragraph. A correct version follows.)


Idex Corp. (IEX) said Chief Executive Larry Kingsley will leave to head Pall Corp. (PLL) as the diversified manufacturer named Vice President Andrew Silvernail to succeed him.

Silvernail joined Idex in January 2009 and most recently led its health and science, fire and safety and dispensing segments, which together make up more than half of the company's annual revenue. He previously worked at Newell Rubbermaid Inc. (NWL) and Danaher Corp. (DHR), among other companies.

Idex has seen earnings climb on higher sales and rebounding orders in recent quarters amid global economic improvement. The company makes industrial pumps and valves as well as products such as the Jaws of Life rescue equipment used to extricate victims from small spaces such as wrecked cars.

Kingsley, meanwhile, left to head Pall, a maker of filtration and purification products that serves sectors including medicine, energy, electronics and municipal water. As CEO of Pall, Kingsley will succeed Eric Krasnoff, who earlier this year announced plans to retire.

Kingsley said he will remain chairman of Idex's board of directors through the end of the year to help ease an orderly transition.

Idex shares closed at $34.38 Monday and were inactive in after-hours trading. The stock is up 4.5% over the past 12 months.

Pall shares closed at $41.38 and were inactive after hours. The stock has jumped 46% over the past year.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;

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