CLEVELAND, Oct. 29, 2014 /PRNewswire/ -- The Board of
Directors of Applied Industrial Technologies (NYSE: AIT) has
elected Peter C. Wallace as its
independent Chairman. He succeeds John F.
Meier, who has served as Chairman since 2011 and who will
continue to serve as a member of the Board.
Mr. Wallace, age 60, has served on the Applied® Board
since 2005. He is Chief Executive Officer of Gardner Denver, Inc.,
a privately owned global manufacturer of engineered compressors,
pumps, blowers, and fluid management solutions for critical
applications in industrial, energy, medical, chemical and other
demanding industries. He was elected CEO of Gardner Denver in
June 2014 after having served on its
board. Previously, he was President and Chief Executive Officer,
and a director, of Robbins & Myers, Inc., from 2004 until it
was acquired in February 2013 by
National Oilwell Varco, Inc. Robbins & Myers was a NYSE-listed
leading designer, manufacturer, and marketer of highly engineered
equipment and systems for energy, chemical, pharmaceutical and
industrial markets worldwide. Mr. Wallace also serves on the board
of Rogers Corporation, a NYSE-listed company providing advanced
materials technologies and design collaboration for a wide range of
industries.
Mr. Meier, 67, is the former Chairman and Chief Executive
Officer of Libbey Inc., a leading supplier of glass tableware
products, from which he retired in 2011. He has served on the
Applied Board since 2005, and he also serves as a director of
Cooper Tire & Rubber Company.
"We thank John for his valued service as Chairman and for
fulfilling his agreed term, and we are grateful to know that the
Board will continue to benefit from his wisdom and experience,"
said Applied's President & Chief Executive Officer Neil A. Schrimsher. "We are also pleased to have
Pete succeed John. As a member of our Board for nine years, Pete
knows our Company well. When considered together with his CEO and
public company director experience, Pete is well qualified to lead
our Board."
"I am honored to serve as Chairman of the Applied Board of
Directors," said Mr. Wallace. "I look forward to continuing to work
with management to execute the long-range business strategy for
profitable growth and increased shareholder value."
About Applied
With more than 560 facilities and 5,800
employee associates, Applied Industrial Technologies is a leading
industrial distributor that offers more than five million parts to
serve the needs of MRO and OEM customers in virtually every
industry. In addition, Applied provides engineering, design and
systems integration for industrial and fluid power applications, as
well as customized mechanical, fabricated rubber and fluid power
shop services. Applied also offers maintenance training and
inventory management solutions that provide added value to its
customers. Applied can be visited on the Internet at
www.applied.com.
A digital photo of Mr. Wallace is available at the following
link: http://www.applied.com/releasephotos.
SOURCE Applied Industrial Technologies