BERWYN, Pa., May 4, 2016 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that as part of its planned
succession of senior leadership, Frank S.
Hermance has transitioned to the role of Executive Chairman
of the Board of Directors and David A.
Zapico has been elected Chief Executive Officer and member
of AMETEK's Board of Directors, with both changes effective as of
May 5th.
Mr. Hermance has been with AMETEK for over 25 years and was most
recently Chairman and Chief Executive Officer. Mr. Zapico has
been with AMETEK for 26 years and was most recently Executive Vice
President and Chief Operating Officer.
"It has been a tremendous honor to lead this great company as
Chief Executive Officer," said Mr. Hermance. "I am very proud
of the outstanding growth and many successes we have enjoyed over
the last 16 years. We have transformed AMETEK into a
world-class company with exceptional businesses led by talented
management teams and employees who are immensely prepared to drive
our next phase of growth."
"I expect the transition of Dave to CEO to be seamless as we
have been preparing for this transition for many years," added Mr.
Hermance. "Dave has been with AMETEK for 26 years during
which time we have worked very closely together to help shape the
culture and strategies which have formed the foundation for our
success. His decisive leadership skills, deep experiences
across our businesses and markets, and success leading our growth
strategies make him uniquely qualified to take on this role.
I look forward to working very closely with him and the rest of our
talented management team as Executive Chairman."
Mr. Hermance began his career at AMETEK in 1990 as Group Vice
President. From 1994 to 1996, Mr. Hermance served as
President of AMETEK's Precision Instruments Group. He was
promoted to Chief Operating Officer in 1996, a role he held until
1999 when he was named Chief Executive Officer. He was
elected Chairman of the Board in 2001. During his tenure as
Chief Executive Officer, AMETEK's sales increased from $925 million to $4
billion, diluted earnings per share grew at a 15% cumulative
annual growth rate, and AMETEK's market capitalization increased
over 1,500% from approximately $700
million to over $11
billion.
"Frank Hermance has been an
exceptional leader during his distinguished 16 year tenure as CEO,"
said James R. Malone, AMETEK Board
Member and Chairperson of the Corporate Governance and Nominating
Committee. "While AMETEK's growth and shareholder returns
during Frank's tenure are truly outstanding, we are most grateful
for the enduring culture and strategic foundation Frank helped
build which will serve AMETEK well in the future. Strong
leaders require strong successors, and the Board is pleased to
appoint Dave as Chief Executive Officer and very confident in his
ability to lead this great company."
Mr. Zapico added, "I am honored and thankful to the Board for
the opportunity to lead AMETEK. I look forward to building on
the success we have had under Frank's leadership and I am confident
in our ability to capitalize on the tremendous growth potential
ahead."
Mr. Zapico has held a variety of engineering and general
management positions since joining AMETEK's Process &
Analytical Instruments Division in 1990 as a Product Engineer.
He was promoted to Division Vice President of the Process
Instruments Business Unit in 1996, and then promoted to Vice
President and General Manager of AMETEK's Aerospace and Power
Instrument Division in 1999. In 2003, Mr. Zapico was elected
Group President, Electronic Instruments Group, a role he held until
being named Executive Vice President and Chief Operating Officer in
2013.
Mr. Zapico holds a Bachelor of Science degree in Electrical
Engineering from Case Western Reserve
University and a Master of Business Administration degree
from Carnegie Mellon University.
Corporate Profile
AMETEK is a leading global
manufacturer of electronic instruments and electromechanical
devices with annual sales of $4.0 billion.
AMETEK's Corporate Growth Plan is based on Four Key
Strategies: Operational Excellence, Strategic Acquisitions, Global
& Market Expansion and New Products. AMETEK's objective
is double-digit percentage growth in earnings per share over the
business cycle and a superior return on total capital. The
common stock of AMETEK is a component of
the S&P 500 Index.
Contact: Kevin Coleman +1
610-889-5247
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ametek-announces-executive-leadership-transition-300262636.html
SOURCE AMETEK, Inc.