Lincoln Electric CFO Jay Elliott to Retire in 2004; Vincent Petrella Named Acting Chief Financial Officer
December 08 2003 - 11:44AM
PR Newswire (US)
Lincoln Electric CFO Jay Elliott to Retire in 2004; Vincent
Petrella Named Acting Chief Financial Officer CLEVELAND, Dec. 8
/PRNewswire-FirstCall/ -- Lincoln Electric Holdings, Inc. announced
today that H. Jay Elliott, the Company's Senior Vice President and
Chief Financial Officer, will retire effective March 31, 2004. The
Company also said that Vincent Petrella, Lincoln's Vice President
and Corporate Controller, has been named Acting Chief Financial
Officer, effective January 1, 2004. "Jay Elliott has been a close
colleague and an extremely effective member of our management team,
and his contributions the past 10 years have helped strengthen and
globalize Lincoln Electric," said Anthony A. Massaro, Chairman and
Chief Executive Officer. "With his international business
experience, he brought discipline to the financial organization and
developed it to world-class status, and he helped lead the Company
through some very challenging financial issues." Mr. Elliott was
named Senior Vice President, Chief Financial Officer and Treasurer
of Lincoln Electric in April 1994. He joined the Company in July
1993 as International Chief Financial Officer and was charged with
assisting in the restructuring of Lincoln's foreign operations,
including the rationalization of plants in Europe, South America
and Japan, to create a platform for future growth. Prior to joining
Lincoln Electric, Mr. Elliott spent 25 years in key financial
positions with The Goodyear Tire and Rubber Company in its
international and U.S. operations. Mr. Petrella, a 1982 graduate of
Baldwin-Wallace College with a bachelor of arts in accounting,
received his CPA in 1984. He joined Lincoln in 1995 as Manager of
Internal Audit and was named Corporate Controller in 1997 and
appointed an officer of the Company in 2002. Prior to joining
Lincoln, Mr. Petrella was with PricewaterhouseCoopers, where he
held a number of management-level positions, including a two-year
assignment in the firm's London office. "I am very grateful for the
contributions that Jay has made to our Company, and I am confident
that Vince will continue the excellent financial leadership that we
enjoy," said Mr. Massaro. Lincoln Electric is the world leader in
the design, development and manufacture of arc welding products,
robotic arc-welding systems, plasma and oxyfuel cutting equipment.
Headquartered in Cleveland, Ohio, Lincoln has operations,
manufacturing alliances and joint ventures in 18 countries and a
worldwide network of distributors and sales offices covering more
than 160 countries. For more information about Lincoln Electric,
its products and services, visit the Company's Web site at
http://www.lincolnelectric.com/ . DATASOURCE: Lincoln Electric
Holdings, Inc. CONTACT: Roy L. Morrow of Lincoln Electric Holdings,
Inc., +1-216-383-4893, or email, Web site:
http://www.lincolnelectric.com/
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